new central banks currenicies vs fiat currency?

[cryptoboss2020]

the goverments have plan to create their own cryptocurrenicies, so the btc and eth was just testing currencies to see how it works and get people to use with cryptocurrenies?
first whats wrong with fiat currency? the cash is works good nothing wrong with this.
second how they are going to control how much to issue the currency and how the value will be backed?
and by who the transparanscy is guranteed?

[Charles-Tim]

the goverments have plan to create their own cryptocurrenicies, so the btc and eth was just testing currencies to see how it works and get people to use with cryptocurrenies?

No! Governments are only afraid of bitcoin and decentalized cryptocurrencies because people are continuing to adopt it, they already know cryptocurrencies are the future currencies. But, governments are only compromising what cryptocurrencies are, cryptocurrencies  are supposed to be decentralized, but governments are working hard to make it centralized it.

first whats wrong with fiat currency? the cash is works good nothing wrong with this

When the governments have already dawning to know fiats are not accurate enough when it comes to transparency, and that cryptocurrencies can be created in a more transparent way and hard to edit or manipulating ledger unlike fiats.

second how they are going to control how much to issue the currency and how the value will be backed?

Governments are governments, their centralized cryptocurrencies will be controlled like normal fiats which are depreciative assets. So, governments owned cryptocurrencies which will be centralized will be manipulated in price and value like fiats, which means the governments cryptocurrencies will be depreciative assets, unlike decentralized ones like bitcoin that are appreciative assets.

and by who the transparanscy is guranteed?

Government owned cryptocurrencies will be transparent if they use a transparent and impossible to edit ledger, but let us see if such will be the case. But, know that the centralized currencies, be it fiats or cryptocurrencies will be a depreciative asset because it will be subjected to manipulations in term of prices and values.

[cryptoboss2020]

the goverments have plan to create their own cryptocurrenicies, so the btc and eth was just testing currencies to see how it works and get people to use with cryptocurrenies?

No! Governments are only afraid of bitcoin and decentalized cryptocurrencies because people are continuing to adopt it, they already know cryptocurrencies are the future currencies. But, governments are only compromising what cryptocurrencies are, cryptocurrencies  are supposed to be decentralized, but governments are working hard to make it centralized it.

first whats wrong with fiat currency? the cash is works good nothing wrong with this

When the governments have already dawning to know fiats are not accurate enough when it comes to transparency, and that cryptocurrencies can be created in a more transparent way and hard to edit or manipulating ledger unlike fiats.

second how they are going to control how much to issue the currency and how the value will be backed?

Governments are governments, their centralized cryptocurrencies will be controlled like normal fiats which are depreciative assets. So, governments owned cryptocurrencies which will be centralized will be manipulated in price and value like fiats, which means the governments cryptocurrencies will be depreciative assets, unlike decentralized ones like bitcoin that are appreciative assets.

and by who the transparanscy is guranteed?

Government owned cryptocurrencies will be transparent if they use a transparent and impossible to edit ledger, but let us see if such will be the case. But, know that the centralized currencies, be it fiats or cryptocurrencies will be a depreciative asset because it will be subjected to manipulations in term of prices and values.

but maybe they dont show us nothing lol:D
as this pandemic laws are getting more strong and we will soon have more rules but not rights so i dont think we can ask anything at all lol

[batang_bitcoin]

so the btc and eth was just testing currencies to see how it works and get people to use with cryptocurrenies?

Are you the same as those guys that are having conspiracy theories about bitcoin was being made by the fed? Don't think a lot from that speculation as cryptocurrencies aren't the testing or beta for their digital currencies. In fact, there were already digitalized payments before the launching and stage of crypto being recognized. The government has cope up whichever is the trend, they don't want to be late and they see the real growth for bitcoin. If they create cbdc, they are recognizing crypto but they only think that they're better because they can adjust, freeze, add supply, reduce the supply and other controls that they want to. But if you analyze it, they will never be par with crypto which have been considered as a good investment unlike cbdc, they're just printed money that upgraded to digital.

[cryptoboss2020]

so the btc and eth was just testing currencies to see how it works and get people to use with cryptocurrenies?

Are you the same as those guys that are having conspiracy theories about bitcoin was being made by the fed? Don't think a lot from that speculation as cryptocurrencies aren't the testing or beta for their digital currencies. In fact, there were already digitalized payments before the launching and stage of crypto being recognized. The government has cope up whichever is the trend, they don't want to be late and they see the real growth for bitcoin. If they create cbdc, they are recognizing crypto but they only think that they're better because they can adjust, freeze, add supply, reduce the supply and other controls that they want to. But if you analyze it, they will never be par with crypto which have been considered as a good investment unlike cbdc, they're just printed money that upgraded to digital.

i dont know if fed created or not how i know ? i wasnt there lol:D i can only say what i seen or i know for sure.

[shield132]

the goverments have plan to create their own cryptocurrenicies, so the btc and eth was just testing currencies to see how it works and get people to use with cryptocurrenies?
first whats wrong with fiat currency? the cash is works good nothing wrong with this.
second how they are going to control how much to issue the currency and how the value will be backed?
and by who the transparanscy is guranteed?

This is the question that we will never know. We don't know who created bitcoin but we know why he/she/them created it but at the same time we don't exactly know if that's the real reason or the reason that author wants us to believe. It's possible that governments are behind it but at the same time I doubt that because it was proven years ago how hard it was for governments to track bitcoin transactions (maybe it was done to blind us on a long term?).
There is nothing wrong with fiat currencies, I don't want full digitalization because in that case governments will have full control on numbers (money) and will be able to manipulate them the way they wish, they even manipulate current fiats.

Btw who says that governments plan to create their own cryptocurrencies? Any currency made by them will be far from cryptographic.

[erikoy]

The fiat currency works really fine and that make transaction to be done smoothly even if we compared to bitcoin or any other cryptocurrency use for digital payments.
But because of the love of cryptocurrency this is the reason why many bitcoin users like more of bitcoin instead of fiat. There several reasons to enjoy in the use of cryptocurrency.

first, is by having p2p transactions no third party service involve means lesser fees to be taken away from you in a certain transaction
second, cryptocurrency is an asset had its value from fiat currency when traded to it just like gold. Gold will have no value if it could not be traded to fiat and fiat could have no value too without those asset like gold. The value of fiat was determine by the value of the economy that represented by fiat currency. And with asset like gold then it can make fiat currency greater value same as to cryptocurrency.
third, being anonymous when doing transactions. Because you only see wallet addresses involve and no names needed or identities being exposed after making the transaction. This is why government are afraid and does not approve or legalize cryptocurrency because it is a subject for abuse like money laundering, funding terrorist and etc.
fourth, cryptocurrency is a form of investment. Many had earn on it but many too had made losses. Remember that while are earning buying crypto in cheaper price others are losing when they buy which is more expensive than the latter who first bought crypto.

[Hydrogen]

first whats wrong with fiat currency? the cash is works good nothing wrong with this.

Those who watch the news may have noticed the media's tendency to be negative towards monopolies. They say US big tech is a monopoly, which must be fined, penalized or broken up under US anti trust laws. And that consumers and industry could greatly benefit under free markets if there were more business competition. As opposed to monolithic, centralized, monopolies. Which have a tendency to result in industry wide stagnation and poor terms, prices and conditions for consumer markets.

These observations apply to fiat currency, which could be considered monopolies. Governments who issue fiat could benefit from having competition as could businesses and everyone else.

Many are extremely negative in their stance on bitcoin. They claim bitcoin undermines government authority and is an attack on the state. Its not. Bitcoin only gives governments the competition they need to build a better, more stable and reliable fiat currency. The same way that competition between AMD and Intel gives consumers better and more affordable CPUs every year.

[Darker45]

CBDCs won't make Bitcoin and Ethereum obsolete. Bitcoin and Ethereum were not experiments created for the eventual unfolding and issuance of government-issued digital currencies. On the contrary, CBDCs are to be issued as a sort of response to the current monetary system being disrupted to a certain extent by the rising popularity of Bitcoin.

There's a lot of wrong with fiat, but worry not it won't change much with CBDCs. Cash works but it means little opportunity for the government to monitor its use. A digital version of it would make everything smoother for them. But the change would certainly be gradual.

As for its value, transparency, control, and so on, they are all the same with the old fiat. Government's digital currencies are fiat currencies.

[Lorence.xD]

CBDCs won't make Bitcoin and Ethereum obsolete. Bitcoin and Ethereum were not experiments created for the eventual unfolding and issuance of government-issued digital currencies. On the contrary, CBDCs are to be issued as a sort of response to the current monetary system being disrupted to a certain extent by the rising popularity of Bitcoin.

There's a lot of wrong with fiat, but worry not it won't change much with CBDCs. Cash works but it means little opportunity for the government to monitor its use. A digital version of it would make everything smoother for them. But the change would certainly be gradual.

As for its value, transparency, control, and so on, they are all the same with the old fiat. Government's digital currencies are fiat currencies.

CBDC is not the villain as everyone might paint it. CBDC is a way to make the circulation of money through the economy much faster because they do not need to go through mediums like banks, the purpose of it was not to compete with cryptocurrency but to help stimulate the economy without inflating the value of fiat currency. I can agree that fiat has a lot of problem, but there is something more problematic than that that prevents cryptocurrency adoption in massive scale, and that is cryptocurrency's volatility.

[Salauddin1994]

Recent research by the world bank and the imf shows that the central banks of both emerging and developed economies have a very positive view of the benefits of the CBDC initiative and they are keen to keep all these features in their digital currency policy. The main advantage of CBDC is that it reduces the operating costs of the banking sector and opens up access to banking services for citizens outside the scope of banking services if CBDCs are successfully adopted they will evolve in line with existing blockchain solutions.

[Darker45]

CBDCs won't make Bitcoin and Ethereum obsolete. Bitcoin and Ethereum were not experiments created for the eventual unfolding and issuance of government-issued digital currencies. On the contrary, CBDCs are to be issued as a sort of response to the current monetary system being disrupted to a certain extent by the rising popularity of Bitcoin.

There's a lot of wrong with fiat, but worry not it won't change much with CBDCs. Cash works but it means little opportunity for the government to monitor its use. A digital version of it would make everything smoother for them. But the change would certainly be gradual.

As for its value, transparency, control, and so on, they are all the same with the old fiat. Government's digital currencies are fiat currencies.

CBDC is not the villain as everyone might paint it. CBDC is a way to make the circulation of money through the economy much faster because they do not need to go through mediums like banks, the purpose of it was not to compete with cryptocurrency but to help stimulate the economy without inflating the value of fiat currency. I can agree that fiat has a lot of problem, but there is something more problematic than that that prevents cryptocurrency adoption in massive scale, and that is cryptocurrency's volatility.

It depends on how you see it. If fiat is not a villain then CBDC is also not a villain. After all, it is just an improved fiat, although in many aspects including control and surveillance most of all. I am in favor of CBDC myself as compared to hard cash but it shouldn't entirely phase out cash at almost an instant. However, if fiat is something you don't trust, then the same goes to CBDCs.

I think CBDCs are created to address issues which are made timely and relevant due to the rising adoption of Bitcoin and cryptocurrency. I bet they wouldn't have thought of confronting the issues head-on had Bitcoin and cryptocurrency not taken the world by storm in so quick a time. And so to a certain extent they're made to directly or indirectly compete with crypto. At the very least, Bitcoin has served as the catalyst of CBDCs.

[Wexnident]

There's a lot to be said about the problems of the current fiat system, first and foremost would be transparency. We only see what they actually say that they spend on a project or so, but is it really the truth? Next would be that we're currently moving towards a cashless society imo. It may not be a 100% cashless one, but the majority of transactions should be paid via cashless, simply because we have the ability to do so. Ignoring that and still trying out the current fiat currency is like ignoring the strong points that we could obtain.

Also if you're simply asking about transparency, then the guarantee is basically the way cbdc is made. If it was made basically the same as how transparency of other cryptos works, then I think most would pretty much agree with it. That is if they make it a type of decentralized currency, but if it was simply digital currency, then nothing much was changed excep that it was moved to be used digitally. It's like moving from using a paper or log book to using Microsoft Excel instead.

[batang_bitcoin]

so the btc and eth was just testing currencies to see how it works and get people to use with cryptocurrenies?

Are you the same as those guys that are having conspiracy theories about bitcoin was being made by the fed? Don't think a lot from that speculation as cryptocurrencies aren't the testing or beta for their digital currencies. In fact, there were already digitalized payments before the launching and stage of crypto being recognized. The government has cope up whichever is the trend, they don't want to be late and they see the real growth for bitcoin. If they create cbdc, they are recognizing crypto but they only think that they're better because they can adjust, freeze, add supply, reduce the supply and other controls that they want to. But if you analyze it, they will never be par with crypto which have been considered as a good investment unlike cbdc, they're just printed money that upgraded to digital.

i dont know if fed created or not how i know ? i wasnt there lol:D i can only say what i seen or i know for sure.

I'm only comparing you with those folks that have been creating conspiracy theories whom created bitcoin. I know that you weren't there and your curiosity is ticking because of the things that happen with bitcoin lately. If bitcoin or cryptocurrencies originated from the government then it wouldn't be a decentralized currency. However, there were cryptos that has been made to be centralized and we're already using it. So if ever they create their own, we can easily adopt if we are going to use it. But as for me, I wouldn't as long as I don't have to use it.

[teosanru]

the goverments have plan to create their own cryptocurrenicies, so the btc and eth was just testing currencies to see how it works and get people to use with cryptocurrenies?
first whats wrong with fiat currency? the cash is works good nothing wrong with this.
second how they are going to control how much to issue the currency and how the value will be backed?
and by who the transparanscy is guranteed?

I think the ease of doing cross border transactions with a technology which automatically keeps a ledger and accountability of all the transaction is what is fascinating for the banks about cryptocurrencies. India shared some plans that they are working on development of a central cryptocurrency called "Laxmi". Actually the focus of these currencies won't be on decentralisation and they won't be backed by anything. Even BTC isn't backed by anything. It would be backed by the technology and commitment from the government but obviously these will never be with limited supply like Bitcoin is. Governments would always want to have the control of the money in the economy so these cryptocurrencies might have the facilities of coin burn and coin creating pretty easily.

[maydna]

I don't want to think too complicated.

The government can create its own cryptocurrency and force every exchange in their countries to add the coin to the exchanges list. There is nothing wrong with fiat currency as we know that people out there are satisfied with the fiat currency, and many still don't know about cryptocurrency. The fiat currency is doing the jobs in the payment transaction.

I don't know how the government controls its own cryptocurrency or fiat currency, but I am sure that the government can do it with its officials. The government doesn't want to tell the public about their way because that is part of their secret. We don't have to think much about that because we can only guess without knowing if that is right or just speculating. Let them manage it for us, and we can use it without thinking much

[bits4books]

First, the creation of digital versions of currencies by banks does not mean that it will be the same as ETH, BTC, and so on. This means that the available fin tools will be improved for greater transparency, speed of exchange, and so on.

Secondly, in the case of the Central Bank, such currencies will be backed by Fiat and that's it. You do not ask "what is backing money on my card??". And what kind of security for the backing dollar can we talk about when only this year several trillion dollars were just printed. Do you think they are provided with something physical? I have some bad news for you.

As a result , we have the following options for the future
1) such digital currencies will be used as a tool for interbank relations/corporate settlements/other business and will not go into "open" circulation
2) digital currencies  will gradually replace the "classic" processing such as American Express, Western Union, Visa and will exist as a faster and cheaper analogue of these companies and their systems, but will still be analog for Fiat currencies

[Johnyz]

the goverments have plan to create their own cryptocurrenicies, so the btc and eth was just testing currencies to see how it works and get people to use with cryptocurrenies?
first whats wrong with fiat currency? the cash is works good nothing wrong with this.
second how they are going to control how much to issue the currency and how the value will be backed?
and by who the transparanscy is guranteed?

If its issued by the government expect the unlimited supply and this is the big problem o fiat currency which ordinary people didn't realize how the inflation is killing the value of fiat money.

Yes, some government is trying to create their own digital currency so they can still control their people and I'm just thankful that I'm living in a democratic country which I can have the privileged or the right to choose on what currency to be used. Hopefully every country can still support bitcoin and altcoins, we are not here to compete at all because we just want to offer a good services to everyone.

[adzino]

the goverments have plan to create their own cryptocurrenicies, so the btc and eth was just testing currencies to see how it works and get people to use with cryptocurrenies?
first whats wrong with fiat currency? the cash is works good nothing wrong with this.

Yeah, nothing is wrong with fiat currency. We just have to believe that a piece of paper that was printed has a value. We also have to believe that there is nothing wrong with being able to print as much money as the government want. We also have to be okay with the government destroying the whole currency value in the process of controlling the currency.

second how they are going to control how much to issue the currency and how the value will be backed?
and by who the transparanscy is guranteed?

If it is going to be a centralized crypto currency, then the government can pretty much control everything, starting from supply to the price. Transparency? I doubt we will see any transparency when it comes to government owned crypto currency. We will have a limited access to the chain information.

[BTCappu]

The government are creating their own digital currencies and it's going to be backed by the same currency of the country that owns. These Central bank digital currencies (CBDC) are just like stablecoins, and stablecoins are cryptocurrencies that are pegged or backed by a particular fiat or real currency.

And for example we have USDT which is backed by the US dollar and we also have others that are backed by the same US dollar such as DAI, TUSD, and the rest of them. Then we also have EURS that's pegged to the Euro (€). So, that's how these CBDC are going to be look like. They don't make any difference, you're still holding the same fiat.