Central Bank digital currencies

[Salauddin1994]

The central bank is developing digital currency it is not a threat to bitcoin the demand for bitcoin will increase further there will be government intervention and the government will manage the currency as it sees fit. Digital money can be centralized where control over money supply is central point or decentralized where money control comes from different sources due to the decentralization of bitcoin the demand will double which will lead to the introduction of every central bank including the government.

[crypticj]

They understand that blockchain is pretty simple way to transafer the money and want to use all advantages of it but not ready to use existent cryptos. Thats why they want own digital fiat

[maxreish]

Central Banks are joining the mainstream now. They are creating their own cryptocurrency for a good purpose not a threat to bitcoin. It can actually boost the crypto market's development if CBDC will develop their own cryptocurrency.

And Central Banks are looking for a way to cope up with the new advanced technology which will integrate the new money by using digital cash. This pandemic made them realize that cashless society were actually signifacant that is why they are into this new digital payment method and made a decision to make their own cryptocurrency.

[charlesmichel1]

It won't be a threat to Bitcoin. CBDCs are launched to eliminate cash from the circulation.

[DoublerHunter]

It won't be a threat to Bitcoin. CBDCs are launched to eliminate cash from the circulation.

^ Definitely right. CBDC will still remain centralized though it is digital which might be similar to bitcoins and other cryptocurrencies but the concept or the idea of decentralizing is not the same. Central banks and governments around the globe are rushing to create their own digital currency for reasons we can never know it until it is already implemented. Probably one of the reason could be this pandemic where fiat money can be a way to transmit the virus which is somehow not far from the reality it can help us even the government to avoid the continuous spread of covid 19. However, we cannot conclude that CBDC is a threat to bitcoin for the cryptocurrency is pretty different from it but probably they have this idea that creating CBDC can be used to regain the trust of people like us who believe that decentralized currency like bitcoin is better than fiat.

[ice098]

The central bank is developing digital currency it is not a threat to bitcoin the demand for bitcoin will increase further there will be government intervention and the government will manage the currency as it sees fit. Digital money can be centralized where control over money supply is central point or decentralized where money control comes from different sources due to the decentralization of bitcoin the demand will double which will lead to the introduction of every central bank including the government.

If ever each and every country could have already their respective digital currency for sure this effectiveness or useful of each digital currency were only applicable to their respective countries too. These development of currencies will lessen the used of fiat in the country and also will lessen the alloted budget for mandatory monetary changing each year (of course the materials that will needed to imprint those coins and paper money) so thus it would never affect the bitcoin worth in the market.

[CODE200]

It won't be a threat to Bitcoin. CBDCs are launched to eliminate cash from the circulation.

I doubt it is to eliminate cash but to be an alternative to provide more "convenience" to the users. Using cryptos are another thing. Cryptocurrencies are believed to be more advantageous for being decentralized but if it is security concerns, CBDCs are having advantages as well due to the supoort of the government itself.

No. I think this is a great opportunity for Bitcoin.
And as the demand for digital currencies increases, so will the demand for bitcoin.
And with this method, we can see higher prices.

That's not how it works. CBDCs are existing for years already but it does not promote use of Bitcoin. It is also not a threat.

[cabron]

It won't be a threat to Bitcoin. CBDCs are launched to eliminate cash from the circulation.

I doubt it is to eliminate cash but to be an alternative to provide more "convenience" to the users. Using cryptos are another thing. Cryptocurrencies are believed to be more advantageous for being decentralized but if it is security concerns, CBDCs are having advantages as well due to the supoort of the government itself.

No. I think this is a great opportunity for Bitcoin.
And as the demand for digital currencies increases, so will the demand for bitcoin.
And with this method, we can see higher prices.

That's not how it works. CBDCs are existing for years already but it does not promote use of Bitcoin. It is also not a threat.

The support of the government I think is the threat from CBDC because this is going to be a tool for the government to monitor our transactions. Because they can track every single transaction made with our wallets, this will be another way for governments to see our transactions and the money we kept. On the other hand, its easy to buy cryptocurrency like BTC when there is digital fiat created by CBDC.

[Doulkis]

It is definitely a threat to bitcoin because if the banks have their own digital currencies then a lot of users are going to switch to their currencies because of better trust between them and their banks. Bitcoin doesn't seem to have any centralised bank source so it in the most secure form of digital currency. If my banks gives me the chance to sue its digital currency and i also use it for matters of cash then I will shove my banks digital currency over bitcoin because I will be sure that I have better security over my currency. A lot of people will eventually. There are some things that come up adn then people relaise that hey needed the things all along, and this is on of them.