Will mainstream users care about the difference?

[CryptopreneurBrainboss]

I'm pretty sure they wouldn't, one of the reasons bitcoin gained it's success (attention) was the rate at which it was been praised for its fast confirmation. While the banks spends days confirming an intercontinental transaction, bitcoin did so in minutes and it was the go to currency for such service but if this was to turn around as a regards of the new digital fiat been proposed then bitcoin will lose some patronage.

From observation, you can see people careless about the whole decentralized ideology. We have many individuals still patronizing the centralized service providers more than they do to decentralized service providers in the space. We have more centralized exchange etc been used daily which clearly shows majority are just after comfortability than privacy.

People don't care giving our sensitive information in the form of KYC or giving out control over their coins so just for comfortability so why then do we think they'll pick a decentralized service over a centralized faster and more convenient service.

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[Josefjix]

Everyone cares about convince and speed, when Bitcoin was defeating the fiat on such areas has passed. We now have faster currencies in the Decentralized world, if China proposes its digital fiat currency and have test ran it, I think bitcoin would lose some interest from the mainstream users. Bitcoin isn't good for daily spending like fiat is. But that wouldn't still affect the usability of Bitcoin as an asset because it is been traded for gain and been held for its future value.

[Wexnident]

They wouldn't. That was why I changed my mind when I was pushing for the adoption of Bitcoin and overhaul of current fiat, and I now instead opt for coexistence between the two. Centralized digital fiat is basically just there to provide efficiency, or just basically improve qol when it comes to financing. Most people don't even mind that they're expenditures are being tracked/traced by someone else, even if it was incomplete or not.

Bitcoin would mostly be used by those that require what Bitcoin gives, quasi pseudo-anonymity mainly, and as for Centralized digital fiat, convenience, which is most would be used by literally everyone else.

About the cryptocurrency or digitalized currency back by fiat and governments (centralized), I think they don't care of its centraliztion. What most of people care of is profits. Where they can get profit they will go with it. Most of them join crypto market as consequence of opportunities it brings to get profit.

Well, that's for right now tbh. Bitcoins volatility came from the currently increasing supply and imo, after the last coin is mined, wait a few years and you should see it becoming stable once again, and would most likely only move when people need a store of value. Sides, even if they did know crypto, they only know of it as something people can provide profit, they don't know that it could also make someone lose their entire assets.

[hulla]

Assuming that they can receive and send their money quickly and conveniently with ecash, I speculate that they will never care about the difference between centralized and decentralized.

Would this not hurt bitcoin as a currency? Would this not only encourage bitcoin to be used as a speculative investment? How about mainstream adoption?

I have been thnking about this issue (Bitcoin transaction confirmation delay and hike in transaction fee) that it may hurt Bitcoin if the mainstream adoption see a better digital coin which can simply handle thousands of transactions in few minutes.
I believe we need Bitcoin scalability to be improve now that some private and payment company are joining the crypto scheme.

[xZork]

If people only need to transfer and receive money, they will definitely not care about decentralization, or not decentralized, as long as the money goes to their hands. But surely those who want to own cryptocurrencies will care that the coin they are holding is decentralized or not. People come to cryptocurrency because it is decentralized and anonymous, if everyone owns a centralized coin then it is like they are owning fiat currency with a higher level of risk.

[Assface16678]

If people only need to transfer and receive money, they will definitely not care about decentralization, or not decentralized, as long as the money goes to their hands. But surely those who want to own cryptocurrencies will care that the coin they are holding is decentralized or not. People come to cryptocurrency because it is decentralized and anonymous, if everyone owns a centralized coin then it is like they are owning fiat currency with a higher level of risk.

Let us face the reality. Majority of people are engaging to cryptos due to the profit that it is giving to them as means of investment. Indeed, it has advantages on its characteristics of being decentralized but since it is not yet widely accepted as a mode of payment to many places, they chose to stick with its other benefit which has something to do with investments and profit. The risk on holding centralized coins I think will be higher than holding cryptos, will only happen if the prices will be more volatile than in crypto. Volatility simply means risk due to the inconsistencies in the market value.

[TedMosby]

IMO, we are still far away from making people understand what blockchain/decentralized is.
we need to push the adoption of digital money, centralized digital wallet, or mobile payment first.
blockchain and all decentralized things are the advanced versions of those options.
we live in a world where people still think that the internet is only facebook/google.

[imstillthebest]

If people only need to transfer and receive money, they will definitely not care about decentralization, or not decentralized, as long as the money goes to their hands. But surely those who want to own cryptocurrencies will care that the coin they are holding is decentralized or not. People come to cryptocurrency because it is decentralized and anonymous, if everyone owns a centralized coin then it is like they are owning fiat currency with a higher level of risk.

Let us face the reality. Majority of people are engaging to cryptos due to the profit that it is giving to them as means of investment. Indeed, it has advantages on its characteristics of being decentralized but since it is not yet widely accepted as a mode of payment to many places, they chose to stick with its other benefit which has something to do with investments and profit. The risk on holding centralized coins I think will be higher than holding cryptos, will only happen if the prices will be more volatile than in crypto. Volatility simply means risk due to the inconsistencies in the market value.

if they only care for the profit that means they dont also care for decentralization ? and these people will do it too if  its posible on centralize systems . the true users that care the most are the real cryptocoiners that have a broader knowledge on currency and financial systems . centralized coins that you mean are fiat ? because fiats are impossible to fluctuate in the same level as crypto , thats why they are less riskier than on cryptos . care or not about decentralization but as soon as those people get involved on here will that be a big problem ? i guess no

[acdc]

Assuming that they can receive and send their money quickly and conveniently with ecash, I speculate that they will never care about the difference between centralized and decentralized.

That's right, most people don't pay attention to how cryptocurrencies work and what blockchian technology is. Very few cryptocurrency owners understand how blockchian technology works right now. So they will not care whether a currency is decentralized or not.
However this is completely normal in financial markets, the fact that we use money every day but very few people can understand how it is created and maintained.

[eaLiTy]

Assuming that they can receive and send their money quickly and conveniently with ecash, I speculate that they will never care about the difference between centralized and decentralized.

The majority does not care about centralized and decentralized as long as they get the job done. In the coming years we must expect centralized players flooding the market including major corporate companies and whether these entries will dilute the market is to be seen.

Would this not hurt bitcoin as a currency? Would this not only encourage bitcoin to be used as a speculative investment? How about mainstream adoption?

I am expecting changes and we will sort the scaling issues in the coming years, if you look at the long term BTCitcoin cannot survive solely as a speculative market especially if the price reaches over hundred thousand dollars where everyone is speculating.

[xZork]

If people only need to transfer and receive money, they will definitely not care about decentralization, or not decentralized, as long as the money goes to their hands. But surely those who want to own cryptocurrencies will care that the coin they are holding is decentralized or not. People come to cryptocurrency because it is decentralized and anonymous, if everyone owns a centralized coin then it is like they are owning fiat currency with a higher level of risk.

Let us face the reality. Majority of people are engaging to cryptos due to the profit that it is giving to them as means of investment. Indeed, it has advantages on its characteristics of being decentralized but since it is not yet widely accepted as a mode of payment to many places, they chose to stick with its other benefit which has something to do with investments and profit.

Yes, most people come to the crypto market to invest and seek profits, for them profit is more important than a centralized or decentralized currency.
Perhaps bitcoin will need a long time and effort before being recognized as a currency.

[Ucy]

Well, we are in a time that people should care about using Bitcoin correctly. Majority of the users should be able to fully own/control their coins and benefits from other Bitcoin important features.
Bitcoin is unique and different from the national dital currency listed in the post.
 If governments decide to create their own digital currencies, I believe they will penalize people who don't follow the rules/principles governing the currencies & its system. So, why should Bitcoin not stick with its own rules too, esp to keep it unique, decentralized and safe for users. This is one of the ways to remain competitive and not trying to be like digital fiat currencies

[Gotumoot]

I think mainstream user doesn't care much about it as long as they could use Bitcoin and since they found out about it on some centralized apps or site.
Most of the new users doesn't really care much about their privacy as long as they could invest and gain profit it is all about profit for them.
I also think that less than half of the crypto users right now care about it.

[mezzaluna]

Assuming that they can receive and send their money quickly and conveniently with ecash, I speculate that they will never care about the difference between centralized and decentralized.

Would this not hurt bitcoin as a currency? Would this not only encourage bitcoin to be used as a speculative investment? How about mainstream adoption?



The governor of the People’s Bank of China praised recent tests of its national digital currency at the Hong Kong Fintech Week conference on Monday.

As reported by Bloomberg, Yi Gang said the pilot program, which has spanned multiple Chinese cities this year, has proven successful.

Over 4 million transactions totaling more than 2 billion yuan ($299 million) have been conducted using the digital yuan, Yi said.

Financial services in remote areas have been bolstered by new technologies, the governor explained, including microloans and risk management, which plays into how the China is looking to spread the digital currency.

Read in full https://www.coindesk.com/pboc-governor-says-successful-digital-yuan-trials-have-transacted-299m

Well, they might possibly boast but they would not engage too much since they would still do their own things which is focusing on how to gain or earn more. They would be proud and be presented an opportunity to teach others on how they can utilize their time properly using the Cryptocurrency Industry.

[pixie85]

They won't care about the difference, but what exactly will be the difference between this centralized crypto and fiat money?

Now people have a choice to use centralized fiat money for payments or Bitcoin and Bitcoin is functioning well, with its value growing every year.

Will the introduction of a new centralized crypto be in any way a danger to Bitcoin when there already are centralized and fast cryptocurrencies like XRP that nobody uses?

[Debonaire217]

I think mainstream user doesn't care much about it as long as they could use Bitcoin and since they found out about it on some centralized apps or site.
Most of the new users doesn't really care much about their privacy as long as they could invest and gain profit it is all about profit for them.
I also think that less than half of the crypto users right now care about it.

That is because most of the time, people already know the uses of Centralized money and Cryptocurrency. Mainstream users will usually choose the fiat as main transactions require it especially those microtransactions we do, but we might not know, they are also holding crypto which then they use for trading, payments to overseas, crypto-related works, and services.

That will just mean that mainstream users will really care about the difference. Both fiat and crypto have their own practicalities. The only thing we should always think is to respect their decision on how they see these fits.

[electronicash]

it won't matter. what matters is if they can spend it to buy something and can be kept like fiat, it's good. they are not conscious about these things even if they are going to be educated about it decentralization and privacy. but the number of people who care about these is growing though.

[AmoreJaz]

They won't care about the difference, but what exactly will be the difference between this centralized crypto and fiat money?

Now people have a choice to use centralized fiat money for payments or Bitcoin and Bitcoin is functioning well, with its value growing every year.

Will the introduction of a new centralized crypto be in any way a danger to Bitcoin when there already are centralized and fast cryptocurrencies like XRP that nobody uses?

i dont think centralised crypto will pose as a danger to bitcoin. most people wont care if they are using a centralised or not, as long as they are convenient to use, like they can use it anywhere at any time they want to. btc already has the strong ground built in the crypto market. and people just need to uncover its difference between using btc and the centralized one. once they learned the benefits of using btc vs the centralised coin, i guess they will use both accordingly. and if i may correct, XRP has been used by many shops already, not that nobody uses it [ https://cryptwerk.com/pay-with/xrp/ ]. also, recently it is gaining popularity to be used as transfer purposes like doge because of its economical fee and relatively fast transaction.

[dizzy1996]

If we are talking about a specific centralized cryptocurrency, then, of course, the authorities will offer any advantages if this cryptocurrency is used, if in general, then the cryptocurrency should not be subject to centralization, since this is a transference to all its principles

[ethereumhunter]

I don't think that will hurt bitcoin because people will choose what can give them a comfortable paying system. They will be curious about a new service that bitcoin can provide besides still use the previous system. Bitcoin will be with us, no matter if people like it or not, but if they can use bitcoin or learn about bitcoin, they will have more options to make a payment or transaction, or even for just using bitcoin for the investment.