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

[ChrisPop]

They are not dreamers, but probably they're desperate to keep up and don't know what to do. Anyways I'd be glad if they replace the current fiat system with cryptocurrencies. This way perhaps the way governments are spending will be more transparent, but I think blockchain tech could be applied to the current banking system. So I don't really see a need for a centralized cryptocurrency.

[CarnagexD]

If yiu can't beat it, eat it. Is what they say here in my country. And it seems like financial institutions are already admitting defeat over the prowess of bitcoin, that being said, this is going to be their final move of desperation before they either buy their own bitcoins to stay in business or implement a feature that will allow their custkmers to invest in bitcoins. One way or another, banks are going to lose.

[Coinsfera]

Central bank digital currencies can never compete with Bitcoin. Because, in essence, they don't have any of the important features that make Bitcoin valuable. First, Bitcoin is a digital currency that is limited in supply. It must be not only digital but limited. That is, it cannot be reduced in value by anyone by increasing its supply at any time. Another important point is that Bitcoin is the global currency. It freely gains and loses value regardless of the economy of any country. However, CBDCs will depend on the economy and government of each country.

Bitcoin, the first and only leading digital currency in this field, is not fighting, it just monitors the development of the financial system.

[Ziskinberg]

However, CBDCs will depend on the economy and government of each country.

True, some people holding the currency of a strong country as its more stable, with CBDC they can choose what currency they will hold with ease.
However, it's not easy as owning bitcoin due to regulatory requirement I believe, also they can monitor how much you hold.

Bitcoin, the first and only leading digital currency in this field, is not fighting, it just monitors the development of the financial system.

It's us who are fighting but not to defeat fiat but to only make sure bitcoin will be recognize as a great currency since it's out of control by the corrupt politicians, being decentralized is what makes people attracted to invest as decentralized coins are always transparent, hence reliable.

[Ryker1]

They are not dreamers, but probably they're desperate to keep up and don't know what to do. Anyways I'd be glad if they replace the current fiat system with cryptocurrencies. This way perhaps the way governments are spending will be more transparent, but I think blockchain tech could be applied to the current banking system. So I don't really see a need for a centralized cryptocurrency.

Well, sounds good but it is impossible for them if they will create by their own crypto coin, that is not easy as that to make a virtual currency based on blockchain technology. Why they need to have another cryptocurrency to fight bitcoin, is bitcoin has a threat to them?
As long as bitcoin was a decentralized network, it is not easy to make one another bitcoin that under managed by the government. This is the fact that the bank now and the government can't do anything.

[saffira]

Banks are too late to launch their own version of bitcoin. Today, I like bitcoin because I dont need intermidiaries, I  am free to do what I want. I can choose fees for slow and fast transactions.
If the coin they will launch will be like local currency, the supply and demand process will likely affect the value. Unlike bitcoin which is circulating in only million amount but it is worldwide.

[Twinkledoe]

Banks are too late to launch their own version of bitcoin. Today, I like bitcoin because I dont need intermidiaries, I  am free to do what I want. I can choose fees for slow and fast transactions.
If the coin they will launch will be like local currency, the supply and demand process will likely affect the value. Unlike bitcoin which is circulating in only million amount but it is worldwide.

If nothing else, this move will just create more crypto enthusiasts. Those non crypto users who will be oriented with digital currency will soon appreciate the presence of bitcoin. So it is actually good for bitcoin adoption. Once these CBDC users discover bitcoin and other alts, they will compare the benefits of using it vs their CBDC and guess what, more than likely they will move to crypto.

[MCobian]

I am optimistic that the bank will never beat Bitcoin, even though in the end the bank released their own crypto might not be able to
fight Bitcoin. Because the advantages of Bitcoin are decentralization that is impossible for banks to realize. There are already many coins
that have better technology than Bitcoin, but none of these coins can beat Bitcoin. The popularity of Bitcoin is also hard to beat, therefore
I never hesitate to invest in Bitcoin in large amounts.

[Yamifoud]

Banks are too late to launch their own version of bitcoin. Today, I like bitcoin because I dont need intermidiaries, I  am free to do what I want. I can choose fees for slow and fast transactions.
If the coin they will launch will be like local currency, the supply and demand process will likely affect the value. Unlike bitcoin which is circulating in only million amount but it is worldwide.

There is no way that they can make their own Bitcoin but rather have their own cryptocurrency. If they are going to adopt crypto and use the system for their benefits, then they have to make another altcoin, not Bitcoin. It not really a good idea to make another Bitcoin for the sake that they wanted their clients to stick with them. Apparently, they are not giving freedom to their clients.
CBDC will support them for sure but they should have to respect how the system works, not being so hated to fight against Bitcoin.

[mirakal]

Banks are too late to launch their own version of bitcoin. Today, I like bitcoin because I dont need intermidiaries, I  am free to do what I want. I can choose fees for slow and fast transactions.
If the coin they will launch will be like local currency, the supply and demand process will likely affect the value. Unlike bitcoin which is circulating in only million amount but it is worldwide.

If nothing else, this move will just create more crypto enthusiasts. Those non crypto users who will be oriented with digital currency will soon appreciate the presence of bitcoin. So it is actually good for bitcoin adoption. Once these CBDC users discover bitcoin and other alts, they will compare the benefits of using it vs their CBDC and guess what, more than likely they will move to crypto.

Your point is valid, this would really help as digital currency would not kill bitcoin but instead will introduce bitcoin to their users and investors. In terms of payment system, banks would always win as they have a fastest forms of online transactions and could reduce the transaction cost if they want too.

We should not talk about the technicalities here, we should focus on the adoption which I think will help the adoption of crypto in general but CBDC will always gain more adoption since it's a government created currency which people have already put their trust ever since.

[Argoo]

Banks are too late to launch their own version of bitcoin. Today, I like bitcoin because I dont need intermidiaries, I  am free to do what I want. I can choose fees for slow and fast transactions.
If the coin they will launch will be like local currency, the supply and demand process will likely affect the value. Unlike bitcoin which is circulating in only million amount but it is worldwide.

Banks are not going to create their own bitcoin or any other coin that will resemble or copy it. They will not create anything decentralized, since the banking system operates on the principles of strict centralization.
They have already highly appreciated the blockchain technology, on which the decentralized cryptocurrency works, and on this technology they will issue their digitized currencies of the central banks of states. Most likely, their digitized stablecoins will seriously compete with the decentralized cryptocurrency as a means of payment, as people are used to trusting their government more.

[pinggoki]

I don't think that the banks will make their own coin in order for them to fight bitcoin but I don't think they may be able to make it. Why? Simply because if they make a coin that it is not more likely to bitcoin or even if it can match the bitcoin's authenticity  then just don't make it because at the end of the day they will not be able to win against bitcoin as we all know that bitcoin was really in a hype situation right now and it is really impossible for the banks to create a decentralized coin.

[milesfull]

Gov just want to have ownr cbdc to control everything and get some advantages of blockchain

[Rruchi man]

Most person's have already lost confidence in the banking systems controlled by the government, in an age like this, most people are seeking control over their personal issues especially things like finance.

[Ziskinberg]

Most person's have already lost confidence in the banking systems controlled by the government, in an age like this, most people are seeking control over their personal issues especially things like finance.

I don't think most... banks still do exist and therefore I believe that majority of us still trust on bank but at least some of us know about the risk in just putting our money in bank, yeah, the inflation will slowly kill the value of our money, therefore we need to find a good store of value, and if it's not gold it should be bitcoin these are two of the best choice people should consider.

[best123]

If they issue their own Bitcoin, its value will also be tired to the fiat value. The beauty of Bitcoin is the appreciation and the depreciation. Investing in bank (centralized institutions) to is not good investment because the value will be static.

[mariah.sadio]

Im not sure that their CBs will allow them to do so. However, CBDC will certainly fight bitcoin in the future

[TedMosby]

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'

no the race is not yet started, and it won't happen. it's not a race because bitcoin is an asset now, not a currency.
the only crypto that will be in a race with cbdc maybe stablecoin.

central banks like a guy who are not invited to join a party and wants to make their own party for revenge
CBDC could be a manipulation 2.0. or it is an NFT of world economic manipulation