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Author Topic: How will CB coins help bitcoin and altcoin  (Read 92 times)
Doranile432
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February 05, 2020, 03:04:56 PM
 #1

How will digital money help crypto? now that every central banks are planning to release their own digital currency for each country what is the benefits that bitcoin and other coins will gain from this?

Even if many people start using Central Bank Coins won't people feel better with these coins than Bitcoin and altcoins? with this I think it will be impossible to see regulations take place on crypto coins, what do you say?
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February 05, 2020, 04:01:35 PM
 #2

Nope! Central Bank issued coins would not really help bitcoin or any other altcoin in any way! Because these centralized coins are just a digital representation of our good old fiat currency but far less anonymous than any other currency system. Cash is still somewhat anonymous but these centralized coins will have zero anonymity. Everything can and will be tracked by the regulatory agencies, especially any big spends will immediately come into the radar. These coins won't help cryptos in any way!

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February 05, 2020, 04:08:14 PM
 #3

Actually they might help. We'll see how they are implemented.
What I am thinking is that they are supposed to be stable coins. Probably the most trusted stable coins.
If they manage to replace Tether and other shady ( = not properly audited ) stable coins it would be good for the crypto markets: there may be less cries about price manipulation.

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February 05, 2020, 04:31:24 PM
 #4

How will digital money help crypto? now that every central banks are planning to release their own digital currency for each country what is the benefits that bitcoin and other coins will gain from this?

Even if many people start using Central Bank Coins won't people feel better with these coins than Bitcoin and altcoins? with this I think it will be impossible to see regulations take place on crypto coins, what do you say?


With educating people how to use them. In Venezuela government is giving people social benefits in Petro. If they want to use those Petro they need to learn how to use them. Petro is sort of fork of fork of fork of fork of Bitcoin ( maybe was more forks)  In the basic technology is same as Bitcoin. So all that will learn how to use their Petro will also know how to handle Bitcoin. At least in general.

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February 05, 2020, 04:53:43 PM
 #5

Actually they might help. We'll see how they are implemented.
What I am thinking is that they are supposed to be stable coins. Probably the most trusted stable coins.
If they manage to replace Tether and other shady ( = not properly audited ) stable coins it would be good for the crypto markets: there may be less cries about price manipulation.
Then what is the point of using cryptocurrency if we have a legal digital currency? are not almost all of the existing cryptocurrency means to be a payment system?
If we are looking at the usage of this digital currency, it is completely obvious it will hinder cryptocurrency and it might replace cryptocurrency because of regulation.
Anonymity might be needed but it is not necessary, what we need to have is a global and regulated payment system. Freedom is a bonus if we can get it.
We need to see the fact and reality, I highly doubt people will use crypto if we have it in the future.

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February 05, 2020, 05:53:16 PM
 #6

1. Central bank currencies are stable coins
2. They only represent the Fiat currencies of every countries
3. Investors have no reason to invest since there won't be volatility
So you tell me, how will central bank stable coins that will equals Fiat help bitcoin and altcoins? the answer is NO

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February 05, 2020, 06:05:17 PM
 #7

it doesn't seem to be for the whole market, I mean it only affects the price of bitcoin or adoption of new crypto users. but the main thing is to have an impact on their own project if many investors use it for investment.

In addition, investors feel comfortable depending on what they offer to the market and depending on investor confidence too. because someone is investing to get profits and old coins like bitcoin are far more profitable and don't have high risks like CB Coins or other new cryptoqurrency.

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February 05, 2020, 06:10:04 PM
 #8

The highest thing I'd expect from this Central bank coins is more people will be at least aware that digital coins exist, believe me, many still don't know, in my country if you made mention of bitcoin some will ask me what is Bitcoin so central bank coins will be EYE Opening that's all

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February 05, 2020, 10:50:26 PM
 #9

Then what is the point of using cryptocurrency if we have a legal digital currency? are not almost all of the existing cryptocurrency means to be a payment system?
If we are looking at the usage of this digital currency, it is completely obvious it will hinder cryptocurrency and it might replace cryptocurrency because of regulation.
Anonymity might be needed but it is not necessary, what we need to have is a global and regulated payment system. Freedom is a bonus if we can get it.
We need to see the fact and reality, I highly doubt people will use crypto if we have it in the future.

Jumping to this conversation: What? How it exactly would replace cryptocurrencies like bitcoin? Digital currencies and permissionless cryptocurrencies have nothing to do with each other. And it is not a permissionless cryptocurrency they would launch.

Why do you think that bitcoin exist? You DO know why everyone just didn't use centralized fiat currencies? Those are mostly digital too you know.
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February 06, 2020, 08:43:53 AM
 #10

Then what is the point of using cryptocurrency if we have a legal digital currency? are not almost all of the existing cryptocurrency means to be a payment system?

You have started this wrong. The fact that legal stable coins might replace current centralized stable coins don't make them a replacement to decentralized proper crypto coins. But they could help in the exchange between our (crypto, anonymous or pseudo anonymous, not much regulated) world and the fiat/banking world. And you know why? Exactly because of the lack of acceptance. Exactly because only designing a coin to be .. a coin, won't make the shop at the next corner accept it. At least not yet.

How many times did you pay with Bitcoin?
How many times did you pay with ... Monero?
And.... how many times did you pay with ... IOTA?  Grin

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February 06, 2020, 12:20:37 PM
 #11

Then what is the point of using cryptocurrency if we have a legal digital currency? are not almost all of the existing cryptocurrency means to be a payment system?

You have started this wrong. The fact that legal stable coins might replace current centralized stable coins don't make them a replacement to decentralized proper crypto coins. But they could help in the exchange between our (crypto, anonymous or pseudo anonymous, not much regulated) world and the fiat/banking world. And you know why? Exactly because of the lack of acceptance. Exactly because only designing a coin to be .. a coin, won't make the shop at the next corner accept it. At least not yet.

How many times did you pay with Bitcoin?
How many times did you pay with ... Monero?
And.... how many times did you pay with ... IOTA?  Grin
Even if not many bitcoin holders are using coins to make payment its part of Satoshi Nakamoto dream to reduce poverty throughout the world and with bitcoin its working, as for Central Bank coins they have nothing to offer compared to other coins

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February 06, 2020, 01:07:29 PM
 #12

Central bank coins can create more awareness don't you think? many new people will want to give crypto a try after they get used with the Central bank coins I think, because I've stopped expecting any kind of regulations for bitcoin and altcoins

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February 06, 2020, 01:09:04 PM
 #13

First thing is that banks are planning to issue their own digital coins just to counter decentralized cryptocurrency. Their coins are centralized and they are used just to counter cryptocurrency. To be exact, banks are already providing digital service. So what the independent people are getting from their service is nothing than cryptocurrency provides. Even if banks issue their own digital coins, we are not free from hassles involved during bank transactions. So cryptocurrency is the best for general people.  

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February 06, 2020, 01:17:10 PM
 #14

Digital currency are here for long but the largest disadvantage of them are they are centrally controlled and monitored. You need to pass KYC and state your source when transacting large amount. Crypto on the other hand provides a complete freedom. You can use them anyway you want without providing reasons to anyone.
It's a fight between controlled economy and worldwide economic freedom.

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February 06, 2020, 06:01:35 PM
 #15

It isn't gonna really help Bitcoin, in fact both works at different ways like one is decentralized and the other is centralized just taking the word "central".
If there's a little bit of what can the bank do to Bitcoin is that to make it convertible to fiat, but that is a matter of different discussion already and I doubt they'll think of that since it counters their regulations.

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