Banks hope to issue their own "bitcoins" to fight BTC

[Coyster]

Imo, I don't even think governments are creating CBDC's to 'fight' Bitcoin, what's there to fight, one is centralized, whilst the other is decentralized, meaning they don't work in the same way. What I think, like I've said previously about CBDC's is that it's more of an economic 'fight' between different countries, the more countries that launch or are working on CBDC's, the more others join in and start working on theirs. For example the situation between the U.S. and China, there was no way one of them could launch a CBDC without the other following suit.

Having said that, it's Bitcoiners/dex crypto users who are worried about CBDC's, thinking it's going to compete with Bitcoin, when nothing of that such is going to happen, It has more to do with the economy, than Bitcoin.

[NotFuzzyWarm]

Federal Reserve and other central banks allowing CBDC's is NOT a fight against Bitcoin or other crypto coins.
It is the realization of a dream the central banks have been trying to push through since at least the 1960's when people started using checks and credit cards more than cash. Given the fact most banking with fiat is just moving numbers around between accounts the Fed and central banks of other countries would LOVE to eliminate having to print physical money & stamp gazillions of coins.

Thing is, up until now people were not willing to give up carrying cash. Lets face it: Having a wad of cash is in your pocket is far more satisfying than carrying just a card. I still prefer it however I also know plenty of folks that never carry any 'real money' anymore and only use their credit/debit cards.

Today, with more an more people using cards or their phones via billing apps there will be far less push back to embracing pure digital finances.

[Argoo]

This is the first time I read such a direct and open concern of representatives of the current banking system about how the popularity and demand of people for cryptocurrency is growing. I was especially interested in the fact that the report indicated an increase in the usefulness of the cryptocurrency. Bankers did not recognize this before. Moreover, they agree that within one or two years, while states will massively release their digitized central bank currencies, bitcoin and other potential cryptocurrencies will grow in value. This is, in fact, a recognition that decentralized cryptocurrency will enter our lives for a long time, if not forever, as well as a recognition of the helplessness of the current financial system in front of the cryptocurrency.

[MrcMrc]

Bitcoin with a marketcap above $500 trillion, this is not easy, the banks and the governments will try but bitcoin will be the boss, bitcoin will soon be mainstream and the world first currency. Which means bitcoin already having brighter future while tomorrow will be brighter. Fiats and cbdc are just not different at all, they are the same.

[wxa7115]

What a dumb move. Honestly who would care about their digital money since they are the same thing as their currencies? Dreamers. The race is already won.

https://www.coindesk.com/bitcoin-race-for-adoption-central-bank-digital-currencies

Will share my merit points with you on this thread if I like what you're sayin'

It was just a matter of time, banks and governments have wanted to destroy bitcoin from the very beginning and they realized very soon that despite all their power they are really bad at dealing with enemies that do not have a central base of operations so destroying bitcoin is impossible, so what to do? They switched tactics and they tried to scare people away by saying that bitcoin was only used by criminals and that has failed as well as institutional investors are finally coming to the market.

So what can they do? To create their own cryptocurrencies, claim that their coins are better than bitcoin with the help of the media and hope that they deceive most people this way, and in a way I think it is a good tactic as most people do not know enough about the economy to actually tell why bitcoin is better.

[serjent05]

No matter what banks produce, CBDC's or whatnot, it's not going to be globally accepted unlike crypto.

I think quite the contrary.  Digital currency issued by Banks is more likely to be accepted globally than a cryptocurrency issued by an unknown entity.  Remember financial institutions such as central bank have the authority to approve currency to be used or accepted in a country.  Let us stop day dreaming, we all know Bitcoin is popular, at least to us who are aware of cryptocurrency but we know the fact that only a fraction of the world's population know cryptocurrency.  There is no war or fight between Bitcoins and banks here, the bank is just issuing their own "bitcoins" to ride the trend and have a grasp of the cryptocurrency market people.

[imstillthebest]

theres only one bitcoin and that is bitcoin but if they want they can include the name btc next to another given name i think that can still be possible as i already saw a coin that has this name .
im not scared but i feel more excited after i knew that banks are issuing their own bitcoins or cryptos
 they think that they can overcome btc but instead of putting btc down they are making btc hyped again if they push this idea . they forgot that there are billions of btc suporters around the world

[Ziskinberg]

What a dumb move. Honestly who would care about their digital money since they are the same thing as their currencies? Dreamers. The race is already won.

https://www.coindesk.com/bitcoin-race-for-adoption-central-bank-digital-currencies

Will share my merit points with you on this thread if I like what you're sayin'

Exactly, bitcoin already won, thy make a digital currency because they see the success of bitcoin, however, what they will offer will only make transactions faster (probably) but they can never offer decentralization which we are enjoying as a crypto users.

Government can only regulate crypto as much as they want but they have no business to compete with it as they'll never win.

[suzanne5223]

First, we can only have one Bitcoin and the Banks will not issue their own Bitcoin cause they will only issue central bank digital coin. However, the Central Banks and the government have been advised long ago to create their own CBDC before the institution sees Bitcoin as the perfect Reserve fund but they choose not to join the digital coin scheme maybe they know joining it will make people who still don't love the decentralization of Bitcoin to also become it enthusiast.

Nevertheless, I don't want us to have our hope high that who would care about their digital money since they are the same thing as their currencies since they have the power to control the institution and the institution is the primary holder of Bitcoin now

[KennyR]

This has been a plan of banking service renders for a long. They haven't well analysed and understood the true meaning of blockchain and the cryptocurrency. Already few banks have done it. What they've done is, just digitized the traditional banking. There are few banks that have made a transition to function over the blockchain technology.

The change is inevitable, and when people are in need of the change the service sector is in pressure to do it. This is how more banks are taking initiative to make their own cryptocurrencies to fight Bitcoin which is an impossible fact for now.

[Rengga Jati]

"their own Bitcoin",
Maybe this is just an assumption and hope that their digital currency will be like Bitcoin?
Well, I don't think this is possible. They created CBDC, their centralized cryptocurrency. Meanwhile, Bitcoin is decentralized and not to be regulated. From their own purposes, they are different, especially maybe they are stablecoins, so it will be difficult to be like Bitcoin. Maybe later they are just like other stable coins like USDT, USDC, and others.

[TimeTeller]

First, we can only have one Bitcoin and the Banks will not issue their own Bitcoin cause they will only issue central bank digital coin. However, the Central Banks and the government have been advised long ago to create their own CBDC before the institution sees Bitcoin as the perfect Reserve fund but they choose not to join the digital coin scheme maybe they know joining it will make people who still don't love the decentralization of Bitcoin to also become it enthusiast.

Nevertheless, I don't want us to have our hope high that who would care about their digital money since they are the same thing as their currencies since they have the power to control the institution and the institution is the primary holder of Bitcoin now

IF they will join in this race, they will always get clients as they already have existing clients.
But once these clients understand the difference between CBDCs vs bitcoin, I think, these people will also become bitcoin enthusiasts, just like what you said.
In the process, bitcoin is also gaining users here, which is actually good for adoption and consequently, in the bitcoin's market.
So instead of fighting btc here, what will happen instead, will be increase of bitcoin users.

[Questat]

"their own Bitcoin",
Maybe this is just an assumption and hope that their digital currency will be like Bitcoin?
Well, I don't think this is possible. They created CBDC, their centralized cryptocurrency. Meanwhile, Bitcoin is decentralized and not to be regulated. From their own purposes, they are different, especially maybe they are stablecoins, so it will be difficult to be like Bitcoin. Maybe later they are just like other stable coins like USDT, USDC, and others.

That's really the difference, they may refer their digital currency as a coin but it's considered as stable coins. What makes bitcoin so attractive is because people can invest on it due to its price volatile, a stable coin now with 1 usd value will always be 1 usd in the future, that's no investment attraction it's only for payment processor with KYC necessary to use it.

[stomachgrowls]

They can create as much as they can but that wont be enough on beating up Bitcoin  no  matter what... There's really a solid line  between DECENTRALIZED / CENTRALIZED.

Fighting Bitcoin is useless because that would really be no point on doing that. Try to look those government-issued tokens? what they had actually contributed or had been done?
Thats just simply a digital currency which do still remain on heavily centralized - nothing changes.


Some info: Digital Yuan have some trial by Chinese banks
https://www.coindesk.com/chinese-bank-trials-digital-yuan-services-at-atms-report

[pixie85]

There were many such attempts.

XRP was supposed to be a centralized successor of Bitcoin that banks would accept.

BCH was supposed to be the new king. Just like Bitcoin but with cheaper transactions.

BSV was supposed to be better because of the "real" Satoshi.

Don't forget about Libra, the Bitcoin killer

It's easy to make a coin. Much harder to persuade people to use it.

[crwth]

No matter what banks produce, CBDC's or whatnot, it's not going to be globally accepted unlike crypto.

I think quite the contrary.  Digital currency issued by Banks is more likely to be accepted globally than a cryptocurrency issued by an unknown entity.  Remember financial institutions such as central bank have the authority to approve currency to be used or accepted in a country. 

If you are talking about the 1st world countries that have the power to influence the other countries to accept their own CBDC's, why not? But the thinking of country leaders are probably how they are going to grow with their own digital coin and let it be accepted by everyone. Imagine it as just like fiat, not everyone will accept a different kind of fiat but unless they accept crypto, which is another type of currency, Bitcoin is Bitcoin. It's just that.

Let us stop day dreaming, we all know Bitcoin is popular, at least to us who are aware of cryptocurrency but we know the fact that only a fraction of the world's population know cryptocurrency.  There is no war or fight between Bitcoins and banks here, the bank is just issuing their own "bitcoins" to ride the trend and have a grasp of the cryptocurrency market people.

I think what you are trying to say here is that not a lot of people are into or involved in crypto, but they probably know it due to the news of sky-rocketing and hitting a new ATH.

Bitcoin and what it has is for the people, crypto has wallets and banks are hard to be accepted everywhere because everyone needs their own account just to accept it. I would rather NOT go through the hassle of creating an account (all the KYC stuff) just to accept CBDC's, and just create a new wallet or generate a new address for someone to send to. You have complete control over it.

[tbct_mt2]

[GUIDE] All About Central Bank Digital Currency (CBDC)

If you are interested in or want to know about CBDCs, that topic and some attached can help. I don't have any interest in CBDCs as they are rotten at ideas so I skip it. It is more meaningful for me to use my time to read about bitcoin and other things for my investment and tradings.

[Reatim]

What a dumb move. Honestly who would care about their digital money since they are the same thing as their currencies? Dreamers. The race is already won.

https://www.coindesk.com/bitcoin-race-for-adoption-central-bank-digital-currencies

Will share my merit points with you on this thread if I like what you're sayin'

Seriously what i'm thinking here? that Banks really Threatened by Crypto that's why Desperation comes to their Part , just to have connected in crypto , they will do anything even if this will make them look stupid.

I really hate their idea and hope to reconsider these such foolishness .

or is this the way of government in simply admitting about "Crypto's Success over them"?

[bryant.coleman]

There were many such attempts.

XRP was supposed to be a centralized successor of Bitcoin that banks would accept.

BCH was supposed to be the new king. Just like Bitcoin but with cheaper transactions.

BSV was supposed to be better because of the "real" Satoshi.

Don't forget about Libra, the Bitcoin killer

It's easy to make a coin. Much harder to persuade people to use it.

Eventually they will realize the futility in "fighting" Bitcoin. What they need to do is to do a proper research on how to integrate Bitcoin to their platforms, so that they could benefit from an expansion in the userbase. PayPal has just done this, and it proved to be mutually beneficial to both the sides. I hope that eventually banks will also agree with the approach taken by PayPal and do the same.

[Lorence.xD]

What a desperate and futile move to win back the people and big investors to use their dying currency, the problem is isn't about digitization but its unlimited supply. The ability to inject new paper money into the Fiat system, and some people has realized, that they're being cheated by banks. That's why Bitcoin is created to give financial freedom.

To be honest though, this is the lowest point in banking that I have ever witnessed. Imagine trying to fight fire with a spark, they will only be swallowed by the big fire called bitcoin. If the banks didn't always screwed over their clientele, I think this will pull off but at the current situation that more people are now aware that bankers are the only one getting the good life when doing business with them is a pretty bad spot for these greedy cronies. They thought that their archaic system would not backfire because they have an iron grip in a nation's economy, now the challenger is posing a threat.