Betting on bitcoin against Central Bank Digital Currencies

[ILuckyGuyI]

I would rather bet on Bitcoin against a cryptocurrency that is controlled by governments. One of the most important features that Bitcoin users like is the decentralized nature of it. People also like that Bitcoin is transparent. Because people would prefer seeing what is really going on behind the scenes.

[bryant.coleman]

I don't quite understand the point these central banks are trying to make. We already have digital versions of fiat currency, such as PayPal and Payza. What makes these payment methods any different from the proposed central bank digital currencies? Fiat currencies already exist in the digital form and we don't need additional variations from the central banks.

[wxa7115]

True, but how many people are going to be able to see through the attempts of governments to deceive them? Governments are seeing that this market is not going to disappear and that they do not have the weapons to destroy it, so they are doing the next best thing which is to try to subvert it, they are going to release their own coins so they can deceive people to adopt them and think that they have a new form of money that is better than their fiat.

But the truth is that those coins are going to be even worse than their fiat, a centralized cryptocurrency is the opposite of what Satoshi Nakamoto was trying to achieve and instead of bringing us freedom it will give total power to governments.

Yes using a CBDC just seems like a horrible option and will only allow states to monitor your activities more efficiently and  this is completely contrary to why most people use Bitcoin today . You are better off using plain cash.

That being said i still feel that if a State forces their CBDC down the throats of people either through incentives ( airdropped money/ state subsidies etc) or threats  ( would depend on the country as to what method is used) a lot of people will just end up giving in and using the CBDC.

You are not wrong, I really believe that people will adopt those centralized cryptocurrencies however as long as those currencies have the same weaknesses as their fiat counterparts then bitcoin will continue to be an alternative for people like us and for people that open their eyes and finally realize the system they are part only benefits those at the top.

So when an economic crisis caused by the weakness of fiat emerges it will take those centralized cryptocurrencies with them leaving the field wide open for bitcoin to be widely adopted, but even if that happens it will not be the end of the story as most likely governments will tolerate this for a few years and then they will try to impose their will on the people once again.

[goldade]

Even if the government did create a digital currency to substitute for paper money, it still would have the regulations currently regulating fiat currency, would still have the characteristics of fiat currency. It is noteworthy to know that bitcoin was made to do away with sith all these.
Bitcoin, as a currency, was made to not be controlled by the government. It was also made for transparency in financial transactions. This is what makes Bitcoin unique and special.
So Yes, I'd place my bet on Bitcoin one million times

[DatKing]

I would bet on Bitcoin against fiat money. Because fiat money is under control of governments and it can be easily manipulated. Bitcoin is not like that. Bitcoin is not bound to anywhere. No government has the power to manipulate it. In the long run, Bitcoin can be better choice I think.

[desticy]

We win anyway. Digital currencies are expanding and this is the main thing. But the most interesting thing is that for holders of fiat funds there is an easy and simple opportunity to purchase bitcoin.
Of course, it is difficult now to judge how simple this opportunity will be, but nevertheless it will be a new round in the circulation of bitcoin and fiat funds.

[Sadlife]

I'd rather go with Bitcoin, im sure many people here in the community would say the same. We all know that stimulating the economy through massive quantitative easing doesn't do any good for the poor sector, it only benefits the rich and billionaires. Also, liquid injection does more harm than good. Let's take for example Venezuela, and how many printing destroyed their fiat value.

[Wexnident]

Let's be real, most improvements in terms of financial management or in other words, money, was in terms of making it EASIER for most, if not all people. We all started with bartering stuff, trading item x for item y in the past, but not all items could be valued properly, so coins were made. From there, countless changes were made to arrive at what we call fiat right now. The decentralized system is actually the same as what we have now, BUT, it makes us move more specifically. Unlike in fiat/centralized systems, the difference is for centralized, it's like asking for someone to walk to a place for you, while decentralized is asking for YOU yourself to walk to said place.

I like Bitcoin and all, yes, but let's be real. The entire world liking Bitcoin, sure possible, but using it? I doubt it. There are a lot of benefits that people see in fiat or in the future CBDC, and I doubt Bitcoin being decentralized is enough of a factor to actually influence that, most especially since a lot of people don't really know the value of decentralization, or even if they did, they don't really care since they want easier lives.

[wxa7115]

Let's be real, most improvements in terms of financial management or in other words, money, was in terms of making it EASIER for most, if not all people. We all started with bartering stuff, trading item x for item y in the past, but not all items could be valued properly, so coins were made. From there, countless changes were made to arrive at what we call fiat right now. The decentralized system is actually the same as what we have now, BUT, it makes us move more specifically. Unlike in fiat/centralized systems, the difference is for centralized, it's like asking for someone to walk to a place for you, while decentralized is asking for YOU yourself to walk to said place.

I like Bitcoin and all, yes, but let's be real. The entire world liking Bitcoin, sure possible, but using it? I doubt it. There are a lot of benefits that people see in fiat or in the future CBDC, and I doubt Bitcoin being decentralized is enough of a factor to actually influence that, most especially since a lot of people don't really know the value of decentralization, or even if they did, they don't really care since they want easier lives.

You make some good points but even if people cannot see the value of decentralization right now that does not mean they are not going to see it in the future, how could this happen? With a global currency crisis of course.

Since bitcoin exists some countries have already experimented problems with their fiat currencies and for the most part we see the people use the dollar as a refuge against the high inflation they experiment but we have also seen some people using bitcoin to achieve the same effect, once a currency crisis happens that is global in scale people will have to look for alternatives and gold will be one of those but bitcoin will be one of them as well and that is when people will understand the value of decentralization for a currency.

[Wawa2013]

Due to the lack of education about Bitcoin, surely more people will listen to the government and choose to accept CBDC than Bitcoin.
Something like that will happen, because the fact that supporting Bitcoin will always be a minority. But the crypto community will
without a doubt be betting on Bitcoin directly instead of CBDC. Because Bitcoin is decentralized which makes it different from fiat,
but the fact is that few people really understand about decentralization. So in the end even though the crypto community supports
and like Bitcoin, but many people will still use CBDC.

[int03h]

National currencies are always manipulated by the government and keep them at a stable exchange rate within the allowable level. Central bank cryptocurrencies may not be an exception.
We all know Bitcoin is mined, has a limited supply, and is decentralized.
Central bank cryptocurrencies are a question mark.
We do not understand it, its supply, and its rate.
Bitcoin grows for a long time and it will continue to rise.

[Debonaire217]

National currencies are always manipulated by the government and keep them at a stable exchange rate within the allowable level. Central bank cryptocurrencies may not be an exception.
We all know Bitcoin is mined, has a limited supply, and is decentralized.
Central bank cryptocurrencies are a question mark.
We do not understand it, its supply, and its rate.
Bitcoin grows for a long time and it will continue to rise.

It depends, because most of the time, cryptocurrencies are transparent and if central bank would like to create their own crypto for example, a stable coin of their fiat which uses smartcontract on the ethereum blockchain, it could still be verified and checked. once it was deployed on the blockchain, there will be no changes made to the stable coin unless, the bank will interfere to kind of fork it to produce another currency.

Other factor subjected to manipulation of central bank is the way how they will issue it. Such as implementation of stricter KYC procedures and taxation.

[wxa7115]

Due to the lack of education about Bitcoin, surely more people will listen to the government and choose to accept CBDC than Bitcoin.
Something like that will happen, because the fact that supporting Bitcoin will always be a minority. But the crypto community will
without a doubt be betting on Bitcoin directly instead of CBDC. Because Bitcoin is decentralized which makes it different from fiat,
but the fact is that few people really understand about decentralization. So in the end even though the crypto community supports
and like Bitcoin, but many people will still use CBDC.

This is not really a problem don’t you think? I know that some people have the dream of bitcoin replacing fiat currencies but I do not think this is possible at all since governments are always going to try to force us to use their currency as this gives them power.

But as long as bitcoin exists we can use it to our benefit, whether we do this by investing in it and watch our investment grow while the rest have to accept the lose of purchasing value of their fiat money or whether we use it as a store of value bitcoin will always have a market as long as people like us that understand the economy exists and that is all what we need.