new central banks currenicies vs fiat currency?

[justdimin]

Bitcoin and ethereum and all other cryptos were not "test" ones, they were the real ones, if you really want to call anything test I would say that USDT could be a test one because it showed the world and the governments that people are not afraid of using stable currencies in crypto world at all, there is 10+ billion dollars given to some unknown company that nobody has seen or even registered in a big nation just because they gave the option of stablecoins to people; which allowed governments to say "maybe we could do the same and get tens of billions of dollars easily from public as well, like free money" and that is why they are starting.

A central bank stablecoin is not rival to bitcoin at all, they are different things, it is a competition for USDT and other similar ones.

[Dorodha]

The Fiat currency is ubiquitous and much easier to transact with in the central banks of each country. Even if the government plans to make crypto fiat currency will take a long time. Cryptocurrency is explorable in nature in the sense that it does not reveal your value or the amount of your wallet and no one has any idea about the location of your wallet.  Fiat currency is recognizable because central banks is usually maintained in banks and thus government authorities and banks may have complete information about your receipts and payments. Nothing can stop these transactions as transactions with cryptocurrencies are free from government and bank interference.

[DoublerHunter]

^ Governments will really do everything they can just to have control in the currency that is circulating in the economy, and they are using the situation where bitcoin owners are awaiting for the global acceptance of cryptocurrency in the market because if in case that decentralized currency will become the only means of exchanges then the government will have no ways of knowing the status of the economy. In fact, centralizing cryptocurrency is also one way of monitoring the identity of people who hold bitcoins or other stable coins which will possibly cause identity concerns in the future. In other words, it is beneficial for the central bank and the government if they can make cryptocurrency a centralized means of exchange and it is up to us bitcoin holders if we will let it happen just for the sake of global acceptance.

[cryptoboss2020]

i see only serious coins are USDT and goverment dont need their own  new ones USDT is ready

[amishmanish]

There is no FIAT vs CBDCs. Its "FIAT+CBDCs versus Bitcoin/ Crypto". Bitcoin has single handedly created a new economic space which is accessible to everyone in the world irrespective of where they live or who they are. This space was then expanded upon by Ethereum with its ERC-20 token phenomena. While very susceptible and replete with scams, these "promises" are often the first step into the world of crypto for a lot of people. Some of those "promises" have turned a lot of people rich who otherwise wouldn't have had these opportunities.  There is an additional streak of creativity being added to the space with everything from music, videos, photographs to digital art finding a way to blockchain or tokenization. CBDCs are just a way for the authorities to claw their way into this emerging space.

I don't think CBDCs can be influence those who actually understand blockchain. CBDCs just don't give you the same freedom that Bitcoin or Ethereum does. I think they will serve well to assuage those who fear anything related to "crypto". They can then find their own way in the space. In that way, I think CBDCs will just benefit

[Assface16678]

^ Governments will really do everything they can just to have control in the currency that is circulating in the economy, and they are using the situation where bitcoin owners are awaiting for the global acceptance of cryptocurrency in the market because if in case that decentralized currency will become the only means of exchanges then the government will have no ways of knowing the status of the economy. In fact, centralizing cryptocurrency is also one way of monitoring the identity of people who hold bitcoins or other stable coins which will possibly cause identity concerns in the future. In other words, it is beneficial for the central bank and the government if they can make cryptocurrency a centralized means of exchange and it is up to us bitcoin holders if we will let it happen just for the sake of global acceptance.

Centralization I think is only concerned with taxation or government generating money from every transactions. This technology is getting more exposed in the eyes of many people relevant to its popularity. I doubt there are intentions concerning identity which could be an issue in the future. I think they are not interested even in that aspect. Big companies adopting this technology are simoly eyeing for profit and the possible reason why some governments are still against the adaptation is due to the nature of decentralization. And I think as of the moment, there's no other way than centralization as a way for global adoption of cryptos, not really in the hands of the users. That's how power works.

[DoublerHunter]

~snip~

Centralization I think is only concerned with taxation or government generating money from every transactions. This technology is getting more exposed in the eyes of many people relevant to its popularity. I doubt there are intentions concerning identity which could be an issue in the future. I think they are not interested even in that aspect. Big companies adopting this technology are simoly eyeing for profit and the possible reason why some governments are still against the adaptation is due to the nature of decentralization. And I think as of the moment, there's no other way than centralization as a way for global adoption of cryptos, not really in the hands of the users. That's how power works.

^ On my end here I don't believe that the government has used btc and eth as a test monkey neither being controlled and manipulated by the government for cryptocurrencies remains decentralized up to date. And if the government has a plan of creating their own cryptocurrency then automatically it loses the essence of being decentralized because the new cryptocurrency they are planning to create will then be governed by the central bank which transparency will be more questionable. And if it were so bitcoin owners will still hold on to bitcoin's ideology of being decentralized which is favorable to everyone.

[el kaka22]

The paperwork part of the fiat world could be one of the best parts crypto world could get involved with the world without any trouble or challenge. I understand that if you compare "would you rather pay credit card or cash to pay a coffee or would you wait for a bitcoin transaction of 5 bucks and 40 minutes?" is not the land we want to die on, I understand that fiat is much better when you buy a cup of coffee right now, of course if we can scale bitcoin and have tons of apps on our phones that allow us to pay it with few cents and seconds we could compete with that but not right now.

However you could send 50 million dollars from one nation to another nation in 40 minutes for few bucks in crypto, which means if we can change our angle and make crypto something amazing internationally, we could grow so much bigger.

[AmoreJaz]

The paperwork part of the fiat world could be one of the best parts crypto world could get involved with the world without any trouble or challenge. I understand that if you compare "would you rather pay credit card or cash to pay a coffee or would you wait for a bitcoin transaction of 5 bucks and 40 minutes?" is not the land we want to die on, I understand that fiat is much better when you buy a cup of coffee right now, of course if we can scale bitcoin and have tons of apps on our phones that allow us to pay it with few cents and seconds we could compete with that but not right now.

However you could send 50 million dollars from one nation to another nation in 40 minutes for few bucks in crypto, which means if we can change our angle and make crypto something amazing internationally, we could grow so much bigger.

if we're looking at the big picture, crypto has real advantages over fiat when you send large chunk of money from one place to another. but of course, many people will look at the level of buying coffee or their burger from a fastfood chain. and that right now, is not advisable to do because of the high fees that they will incur for small amount of transaction.
so i got your logic there, sending multimillion dollars from one place to another actually takes time and require paperworks and spending a hefty amount for it if youre using the traditional method. but when it is in the form of crypto, waiting time of 40minutes is like no big deal and yes, few bucks, no matter how huge your transaction is. that is what theyre missing here. and that i guess is what these traditional banks are afraid of, when people realize that they can transfer such huge amount without using their services and that will actually be easier when they have CBDCs

[iamsheikhadil]

I don't trust any government not going to lie. Even if they say they are making a decentralized currency, I'm sure they will not make it totally decentralized, rather just a mirage. Because governments fear that bitcoin is rising so fast so they want their own bitcoin to replace the real Bitcoin!

[verita1]

We must get closer to reality to know what progress China has made with the preparations for the launch of its CBDC. Huawei has announced that the Huawei Mate40 smartphone series has been selected to include the hardware wallet for the Central Bank digital currency, the digital Yuan. Smartphone users can perform simple offline transactions by touching.

https://www.google.com/amp/s/cointelegraph.com/news/new-huawei-smartphone-will-feature-a-hardware-wallet-for-digital-yuan/amp

[goaldigger]

Government is trying to keep on controlling people and don’t want us to fully adopt bitcoin and cryptocurrency so they will create their own and called it a cryptocurrency where in fact, its fully under their control. China have this one already, and expect more country will do the same thing so we won’t go decentralized, this is a very old trick by the government. Bitcoin can’t control by anyone and this is the real thing, crypto government currency is a big joke for me.

[ultrloa]

Government is trying to keep on controlling people and don’t want us to fully adopt bitcoin and cryptocurrency so they will create their own and called it a cryptocurrency where in fact, its fully under their control. China have this one already, and expect more country will do the same thing so we won’t go decentralized, this is a very old trick by the government. Bitcoin can’t control by anyone and this is the real thing, crypto government currency is a big joke for me.

We don't know the actual scenario if the government really keep us away on cryptocurrency industry since I don't see any economical deflections or conflicts regarding on that. But the one I see is the banking institution is the one who have an agenda on its adoption since it could kill there institution of all people will adopt the cryptocurrency.

[Casdinyard]

I don't trust any government not going to lie. Even if they say they are making a decentralized currency, I'm sure they will not make it totally decentralized, rather just a mirage. Because governments fear that bitcoin is rising so fast so they want their own bitcoin to replace the real Bitcoin!

They won't engage making a decentralized currency because it won't benefit them in the first place. Most of it are centralized which would allow them to out taxes on every transaction. They are not also eyeing for Butcoin replacement, they are more likely wanting to benefit from its popularity by showing "support" which would still generate taxes. One instance is what PayPal did. They will now be a third party network which would accept cryptos as mode of payment but in a sense, transactions will be needing convertion to fiat so it is not totally a crypto adoption. They are just making use of the 'hype' or popularity of the trend.

[MCobian]

Since the beginning, the government has never accepted decentralized currency like Bitcoin, because the government
always wants to control everything. The more popular Bitcoin and the more people are using Bitcoin, the government plans
to make their own crypto coin. In order to compete with Bitcoin, even though there have been many altcoins made to beat
Bitcoin and end in failure. So whatever the government plans, it must eventually accept Bitcoin and other cryptocurrencies
in the end.

[saifoufa]

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?

First of all, there is no way cbdc are going to be truly transparent and decentralized, so btc and eth and most of all cryptos are pretty safe in the future.
Not so sure about stablecoins and coins like XRP, but thats whole another story.
Will cbdc be backed by anything? Probably not, as fiat currencies largely are not backed already.

[erikoy]

This is what I am talking about that a certain centralized decentalized combination of system will going to emerge. As expected from the government that will take action to adapt the current blockchain system.

If this will going to continue high chances that bitcoin will be adapted as well or could be replace by these crypto issued by the government.

In my opinion it is better to adapt bitcoin to unify all currencies that inlcude fiats.

But if bitcoin remains decentralized it will still work like a gold for investment purposes only.

[themohit]

Since the beginning, the government has never accepted decentralized currency like Bitcoin, because the government
always wants to control everything. The more popular Bitcoin and the more people are using Bitcoin, the government plans
to make their own crypto coin. In order to compete with Bitcoin, even though there have been many altcoins made to beat
Bitcoin and end in failure. So whatever the government plans, it must eventually accept Bitcoin and other cryptocurrencies
in the end.

Perhaps, you're somewhat right and governments will have to live back to back with crypto market, because no way govs will do a decentralized transparent cbdc so defi project and current crypto market overall will have demand

[vlast01]

the goverments have plan to create their own cryptocurrenicies,

Well due to pandemic a huge decrease on demand on Fiat money because most of transaction tody are done online and digital currencies are in most used.

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

Well I don't believed that the government will see eth/Bitcoin as their testing subjects, due to the facts that cryptocurrencies are been here on a very long time and the government today have been associated with cryptocurrencies are only because of the decreased demand of paper bills which is made by the government itself.

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

Yes there are no problem or wrong on Fiat the only problem is the way of how the majority of people used these Fiat money, because as of now due to pandemic people choose to stay at home and do transaction online.

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?

We'll they should issue their new currency publicly.

[Mauser]

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?

Nothing is wrong with FIAT, but the central banks see the rise in crypto currencies and want to profit off it. They are aware that they can't control all these coins online so they bring out there own coin. In my opinion the central bank crypto currencies are just another form of FIAT, they are another currency being controlled by the government. Time will tell but it doesn't seem likely that the usual crypto investors is going to switch from bitcoins into the central bank coins.