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Author Topic: The U.S. Senate is hearing about the digital dollar.  (Read 268 times)
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July 26, 2020, 08:13:29 AM
 #21

They don't need something new, they just need to have the best implementation (in this case be the most convenient for most americans)

I agree. Convenient digital currency, fast, low fees, safe, clear and simple. Next level digital fiat money. Libra.  Smiley
That's what I'm talking about. This has already been invented by Zuckerberg, all that remains is to take it and start using it.
They probably will, but I would not trust it like I trust bitcoin. All the advantages you mention do not compensate for the fact that they have full control over the currency (like the FED, they can decide to print money even more easily than now...)



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July 27, 2020, 04:30:11 AM
 #22

So, they already believe that bitcoin is better than the dollar.  Grin

By default, a decentralized currency (doesn't necessarily have to be a cryptocurrency) which is protected against inflation is going to be better when compared to centralized currencies which are prone to inflation. So I am not surprised by their admission of this fact. The federal reserve continues to print banknotes like crazy, and this further weakens the value of the United States Dollar. Gold is now trading at >$1,900 per oz, and it just shows how weak the USD has become in recent times.

And almost all the other fiat currencies in the world are influenced by the value and purchasing power of the USD. So when USD goes down, they also goes down. It is similar to the case of altcoins in the cryptocurrency market.
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July 27, 2020, 05:50:36 AM
 #23

It is normal for any government (not only U.S government ) to say that the digital dollar is better than bitcoin, the digital dollar is central and the government can control it completely and this is what any government wants, unlike the decentralized bitcoin that no one can control or penetrate its privacy, so we will soon hear about the adoption Governments for digital dollars and other digital currencies, but we will never hear of their acceptance of bitcoin.


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July 27, 2020, 07:33:27 AM
 #24

When they say they want the dollar to become better than bitcoin, it shows that they know how good the dollar is, they know some benefits of using it so they want the dollar to take over this kind of currency. I am thinking, it digital dollar could be possible in the U.S? I think it would only be money online which is something like cryptocurrency but with a stable price. Is it really useful?
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July 28, 2020, 07:11:53 AM
 #25

So, they already believe that bitcoin is better than the dollar.  Grin

By default, a decentralized currency (doesn't necessarily have to be a cryptocurrency) which is protected against inflation is going to be better when compared to centralized currencies which are prone to inflation. So I am not surprised by their admission of this fact. The federal reserve continues to print banknotes like crazy, and this further weakens the value of the United States Dollar. Gold is now trading at >$1,900 per oz, and it just shows how weak the USD has become in recent times.

And almost all the other fiat currencies in the world are influenced by the value and purchasing power of the USD. So when USD goes down, they also goes down. It is similar to the case of altcoins in the cryptocurrency market.

Better for you? Maybe.

Better for the government who wants to control the monetary supply of the country to have a finer control over their economy? No.

That's why the government got rid one of the gold standard (at least this was one of the reasons) If they can't control it based on their own whims, it's not something that they want to get involved in.

FIAT is better for every government. Crypto is yet to be determined on if it's 'good' for the citizens. I love Crypto as much as anyone else on here, though I don't know if we're going to see amazing adoption as we all once thought there was going to be.




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July 29, 2020, 03:15:02 PM
 #26

It is normal for any government (not only U.S government ) to say that the digital dollar is better than bitcoin, the digital dollar is central and the government can control it completely and this is what any government wants, unlike the decentralized bitcoin that no one can control or penetrate its privacy, so we will soon hear about the adoption Governments for digital dollars and other digital currencies, but we will never hear of their acceptance of bitcoin.
It’s good to know that U.S. Senate got hearing related to digital currency. I think it’s not the first time that they tackle about digital currency. They are aware that other countries also preparing for the adoption of cryptocurrency in their respective area. I think U.S. is not new to this, we knew that they will not lose in the race to this technology and they are very open to the new trend currency. IF they will create a digital currency that will beat the domination of BTC seems impossible. BTC is being dominating this field of decentralization network.

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