Bitcoin Forum

In my opinion, the move to a digital currency by the government will have an even greater impact on state control over the citizen economy but at the same time it will allow everyone to start familiarizing themselves with wallets, cryptography etc thus educating people to allowing greater ease of management and certainly of approach towards Bitcoin and cryptocurrencies in general.

The digital euro will be the trojan horse for Bitcoin adoption.
https://www.ecb.europa.eu/paym/digital_euro/html/index.en.html

What are your thoughts?

A Euro is a euro. No matter what form it is in.

The only difference is that they don't want you to use any physical bills and this digital x crap is there to hide their real intentions. They should man up and tell us that we can't use physical bills anymore because it is banned but then they don't have the balls to do that because going only digital will fuck things up so badly.

Definetly not only digital EURO, CBDC development will help everyone in the world to invest in cryptocurrency, I do hear digital rupiah, digital dollar and any others country that planing to lauch their own digital currency. This is a proof that crypto technology is trustable and very usefull for financial system.

Nah,

People who choose to use Bitcoin and other cryptocurrencies have got more reasons to do so than just it being a digital currency.
The most important reason is because it's fully decentralized. Will the digital Euro be decentralized too? Absolutely not.

One also has a lot of freedom using and trading Bitcoin as compared to those Government controlled currencies

National digital currencies are essentially another form of money that will exist along with cash and non-cash forms. Therefore, the creation of a CBDC is a planned transition to a new technology for the issuance and functioning of money. The only drawback for people is the complete centralization of digital money.

Regardless of whether it is digitalized or not, its essence cannot be changed-controlled by the government and arbitrarily issued.

I wonder if they will allow members to own their private keys, control their coins and take part in consensus. It can't be considered safest(as stated on the site) if those are not possible. And it should be well Decentralized.

Always remember who really is at the Center if the good guys are not in control or at the center.

Digital Euro or the worst shitcoin of them all  ;D
As mindrust specified, one shitty euro is always gonna be 1 EUR no matter its form and shape. The only good thing it will require a long time to be available but what you guys can be certain of is that, in terms of financial freedom, the Digital Euro is gonna be a nightmare, maybe our worst one.
I hope it fails and never sees the light.

People may get the knowledge about using wallets and transacting digital currency apart from this people won't get involved into the Money because money is just money for them so they are working and earning money. But cryptocurrency will be adopted by those people only if they know the centralized government keep us poor with this money for that they need to attain financial freedom.

digital euro project in my sight is another try to kill bitcoin and other cryptocurrency. Now looks like many central bank only took the blockchain technology but they didn't let cryptocurrency take over their fiat. CHina , EURO and maybe another country will follow the same step with them. But atleast blockchain technology recognized as good technology for ledger.

Digital euro trojan horse for BTC adoption? Don't you think it's the other way around for most states? They're looking at Bitcoin for years, and finally realizing they can't do anything to stop it (except China of course who still thinks old fashioned ways). So they allow Bitcoin and blockchain and develop the tech and pretend digital euro is good because blockchain people also celebrate it (even though we don't know if it's even blockchain).

Keep in mind most EU  countries already use "digital EURO" in the form of credit cards and online payments. No cash exchanges hands, only integers in bank databases get updated.
If they really plan for mass adoption, there will be no wallets, the system will be the same, IBAN and plastic card

I didn't think the effect would be that great.
isn't that also like managing EURO on a P2P exchange? looks like we can convert our fiat money to crypto. like something normal.
but if you mean EURO with blockchain network like USDT. then it will definitely be another feature of choice in trading on the exchange.
could something like this affect bitcoin adoption in the market?

Yes. In this new time we are in, digital currency will provide everyone easy access to everything from healthproviders to everyday shopping. From what I understand it won't completely replace banknotes but it would be complementary to it. They will start exploring it from October and it'll go on for almost two years before any major change is implied to the European financial system.

Can you help me understand if the Digital Euro you are talking about would be a cryptocurrency or just a digital asset ?
I read the article from the link you posted and nowhere is it mentioned that the digital Euro would be a cryptocurrency or operated on blockchain.
They said it would rather be Euro but just in a digital form. I hardly think it would encourage users to learn about cryptocurrencies and blockchain.
If the digital Euro would have been a cryptocurrency may be then it would have encouraged more people to learn what crypto and blockchain is all about.

Slowly over few years of time, all countries will move to digital economy wherever possible. So no wonder European Union is seriously thinking about it as well. While it will reduce the cost of government but at the same time, common citizens like us will loose our financial privacy completely. So there are many advantages and disadvantages from the perspective of both government and its citizens.

But on the contrary to your statement, I don't think it will help bitcoin adoption through education. It may boost crypto adoption  (especially privacy coins like Monero) if people wants to hide their financial situation from the government. Otherwise, I don't think euro digitization move will boost bitcoin adoption in a very positive way which can be quantified.

that's actually what makes the confusion in making this topic above. but if you look at the concept it looks like it is related to EURO crypto. for digital development, I think many digital transactions use fiat money. it's just that the packaging of the transaction process is carried out quickly through digital technology. Of course, there are still limitations that cannot make transactions free.
but all freedom lies in crypto. if EURO crypto is traded, I don't think it's anything new for a stable asset in the crypto market.

I don't believe your indirect causation would make people made an entraces to Cryptocurrencies. To be able to fully maximize what cryptocurrency could offer, they need to understand about the self-custodian wallet, etc that make they truly solely control their own money. You said it will allowing ease of management, but i think people would rather go straight to use CDBC since they will feel "safer" in terms of fraud or managing their own wallet.

Digital Euro is just a fancy term. Nothing else. It is still the same. The same fiat currency we are using. Aren't we already using digital fiat currency system? All those cashless transactions are just digital transactions.
Lol what makes you think it's going to be the trojan horse for bitcoin adoption? Paypal and other e wallet existed even before bitcoin, but people are still using bitcoin. In fact digital euro might make people more interested in bitcoin. Who knows..

if this is circulating then it will not be much different from fiat currency...

if it was a cryptocurrency then it would definitely be a stablecoin like USDT. I'm not sure it will be successful and will interfere with Bitcoin and other Altcoins that are already in circulation because investors won't really like stablecoin.

Problem is that you don't know how the Digital Euro shitcoin is gonna be implemented. If they create a stupid vetted private blockchain you can be out of the financial world with the click of a button (if they don't like you). Today they can deny you to open a bank account, to have a credit card etc but you still have CASH. What about tomorrow?

I also saw that news yesterday, which means the EU is now the next country or Union that will research the possibility for a digital currency just like china already announced that they want to introduce a e-yuan. I am not sure though if i should be happy about that announcements. I mean in the end a digital EURO is just a digital version of the "normal" EURO and most people already pay in a non-cash way with that normal euro using their cards. Also i am afraid that the introduction of digital versions of the official currencies may even slow down the adoption of real cryptocurrencies. If you have a digital EURO, why would you still need a cryptocurrency?

Can someone explain difference between digital EURO and using bank card for payments? In both payments no physical fiat money are involved. Same digital number, written in binary code is used. I did not understand that concept of "digital currency" as EURO or mentioned here crypto yuan. They are identical as paying with fiat from bank account.

Yep, people need shifting blame to others rather to have a burden of responsibility to truly owning and managing the money/crypto they own. I'm not generalizing though, but the whole cryptocurrencies spaces still have a problem with the UX to manage a self-custodian wallet for non-techie users.

About your thought, beforehand, I think it depends on how the way people know about digital currency. If they know about digital currency by CBDC, then it's their gateway entrances to the cryptocurrencies world, but I'd still believe the probability is still low. Nevertheless, if they know about cryptocurrencies before CDBC, then I think people wouldn't bat an eye to it, assuming they acknowledge the truest potency of cryptocurrencies in general.

Each country regulates the financial system very strictly, so crypto money or the like is not allowed without being bound by terms and conditions.
What is feared is the impact of non-maximizing state control on inflation, so the state must prepare several options for security, for now the system cannot be fulfilled by the state given the many risks it faces. while the economic impact in my opinion is not that influential, considering that every citizen who is able to keep up with the times must be treated to convenience in the world of digital money, even when they are serious, more and more citizens are becoming independent millionaires and able to provide convenience to others.

Maybe it will become stable cryptocurrency like USDT ? or it is seperate from crypto but still in blockchain network ?
It will become a good currency if the transaction speed is faster than bitcoin and the fee is lower than BSC network

You had the answer with you own words. It's just EURO digitized. Right?
It's not that I don't like people knowing more about crypto currency but this is not how it's supposed to be. There's a lot of ways to search for knowledge and it will not be just because a government tells to use this new tool then receive new intelligence.
I think it's an over reaction just because they upgraded their way of transaction. It's not like that. Knowledge about cryptocurrencies is still individual up until now. The government won't fund anything for their people to learn about the new risk they should take.

Yes. Some participants of the Near Protocol have been talking about this for a long time, and some even found indirect evidence.

I think that was exactly how it was conceived with the creation of blockchain and cryptocurrencies. The world financial system, read the dollar, is bursting at the seams and it was already known before, so we found a solution. However, this does not mean that under the adoption of crypto means the adoption of those cryptocurrencies that are now, on the contrary, every state in the world is interested in creating its own national cryptocurrency, for example, digital EURO. So everything will be as before, just change the financial system and probably the entire currency will become digital.

USDT cannot be compared with national digital currencies, where the issuer is a national bank. Thus, the European Central Bank will act as the issuer of the digital Euro, which will become another form of money along with cash and non-cash. The issuer of USDT is a private company that is not controlled by the national bank.

Except e-yuan is most likely using blockchain tech and e-euro has said from early on that they are most likely not using blockchain. So we're going to have a lot of difference at least for me in terms of smart contract use, and possible hacking attempts by white hackers later on. So if euro going digital doesn't do blockchain, how does that acquant people with crypto?

I'm surprised that E-euro will not take advantage of blockchain as this is the future. But in any case, this will be a "force-use" for every citizen, so if you are a crypto enthusiast, you don't have a choice really as the government might implement it and will require every citizens to used it as I understand it.

So there's no different from the old and traditional fiat system, in my opinion. As for the white hackers, it might be a good thing to break the system early and find the loopholes. The problem is that when black hackers exploit it, there is a possibility that they might steal some E-euro for themselves.

The Chinese digitalized yuan will definitely not work on blockchain technology. There, they began to create it back in 2014 and followed a completely different path, which is so inherent in China. We will soon see how it will work in practice.
As for the digital euro, I think that it will work on the blockchain technology. Although these will be just state stable coins, that is, digitized fiat and they will have practically nothing to do with cryptocurrency, however, their appearance is simply logical and necessary in the global financial system and, in general, they should have a general positive impact on cryptocurrency. How the digitized currency of the central banks of the states will affect the cryptocurrency, while we can only guess. At the same time, we also cannot influence the process of their appearance.

I don't believe in any digital state currencies. They will still be regulated by the government. The main feature of digital money is decentralisation and uncontrollability from authorities, but digital euros, rubles, yuan will be under control, so it is the same as just non-cash money but on blockchain instead of bank account.  :-[

It's a great piece of tech I agree, but I also agree it's not necessary to be the future tech for every single type of crypto. e-euro and CBDCs are for sure a great entry for digital currency, but that's an entirely different setup from just saying "crypto".

Like you said, no difference in the fiat system, just on a new highway of digital infrastructure that's all.

Yes, that's right, the presence of EURO in the crypto market assets now is good news for those who invest, but you must also think about the presence of EURO, whether this EURO will last a long time, or promise for those who invest in long-term or future projects.
and hope that the EURO asset market can develop in the future.

Digital euro can’t be Trojan horse really because both of them are from different digital streams. What I mean is, EURO is fixed controlled currency with valuation based on the daily usage. While bitcoin is just decentralised currency with value being generated from investments, trades, p2p transactions and what not. I’m not sure how in any sense Euro gonna hamper bitcoin economic model. With this said, digital euro will just be routine transaction currency which is also being done today when we pay with unified payment systems or QR code etc. So it’s consistently gonna be different virtue all the times.