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

[Lucius]

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.

First you have to learn the difference between a billion and a trillion and then write something like this. A billion consists of 1000 millions, and a trillion of 1000 billions - to talk about a Bitcoin market cap that amounts to as much as $500 trillion is completely insane. If all the money, gold, stocks and real estate value were collected, it would not reach that amount together.

Also, do not underestimate states and central banks, they will never accept something that is inherently decentralized as Bitcoin - let alone that it can become a generally accepted currency.

[Oshosondy]

Banks also want to take advantage the opportunity in digital world. Instead of hating in bitcoin, they are smart and found a ways on how to gain through this digital. They can't stop bitcoin and other digital currencies due to decentralization, so they want to create their own digital currency that people in the digital world can enjoy, at the same time, still connected to their banks.

They have no option when the governments know that bitcoin is increasing in price and pose no risk but completely perfect if you do it rightly, some people that make up the governments even have investment in bitcoin, that is the power bitcoin has because it is an asset and people like to invest in asset that is getting more valuable over long term. So the banks and governments do not have option for bitcoin increasing adoption, even if they make their own digital currency, it is still nothing if compared to bitcoin, it will be far behind bitcoin.

[shoreno]

It is still fiat just in digital form. Still controlled and regulated no matter what they tell it isn't. So there is actually no fight here. From what I think, non-technical people who don't know bitcoin might get confused. Comparing money with an asset. *yes for me Bitcoin seems like an asset.

if they lie , they can . they can supply different details and wont be mentioning the banks but lying is a big sin and they wont be different from a scammer if they insist to do so , just for their personal gains  or what if they wont lie and tell the truth that the digital coin is from them  . there is a fight here , fight between centralized and decentralize but lots of people are still going to avoid this for sure . non techy people arent confused but they can easily tell if which one is good for them and they will prolly go for coins issued by banks .

[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

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.

I agreed with what you said, I think the Banks also comprehend that their creation of Central Bank Digital currency will increase the awareness and people trust in Bitcoin which is the reason they withheld the advice giving to them IMF then and I think they now understand that if you can`t beat them join them.

[ImHash]

btc go to the moon soon 

It's already on the moon dude, many people don't know it yet, because we are on the dark side of the moon and can't see the earth from there 

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.

Don't you think that they are already winning the race? you think if some come out and say that they are making and creating their own bitcoins to fight the battle against our great Bitcoin, they are really considering doing so? of course not.
I believe they already own a large portion of the supply, this game began when the price dropped under $4k, they started to accumulate till now, do you really think all the recent investments and adoptions just happened all of a sudden? no, they were planning to do this since 2017, they just needed a good and flawless plan.

[gabbie2010]

(CBDC) should just give up the idea of issuing their own fake BTC to counter the widely and globally known Bitcoin,  that project will be completely dead on arrival.
XRP a similar idea conceived and established with it centralized feature by the banks to checkmate Bitcoin had struggled all this while in cryptoshpere in fact it is in a verge of total collapse and bankrupt, I believed investors of XRP that will have been regretting for their actions now, Once any cryptos enthusiast adopts Bitcoin it will very difficult to ditch it for any centralized coin controlled by a third party.

[Crptomagma]

It’s going to be a dumb move for them because they can’t issue their own bitcoin, they can issue something else but not bitcoin because bitcoin is a decentralized currency and the banks are centralized Authority so they will issue something as their currency.

[verita1]

The race is already won as OP says. We are not going to stop using bitcoin and crypto because of the CBDCs.
Cryptocurrencies today have gained confidence in the world due to the incorporation of new entities that are contributing their capital.

According to Coingecko: Saturday 01/16/21

Market Cap: $ 1,028,176,281,849 -2.5%

Volume in 24 hours: $ 168,687,941,834

Domain:

BTC 66.5%

ETH 13.2%

The indicators show that we are raising more capital from the use of cryptocurrencies. While CBDCs have to carry out an extensive journey that aims to digitize the bank so that it offers us a better service because we have shown them that the digital economy is innovation and that they must adjust to the new times.

[Ziskinberg]

It’s going to be a dumb move for them because they can’t issue their own bitcoin, they can issue something else but not bitcoin because bitcoin is a decentralized currency and the banks are centralized Authority so they will issue something as their currency.

If they want they can fork bitcoin, but does it guarantee success? no, a lot of bitcoin forks now are not successful, to name a few, we have BCH and BSV, and they are nowhere near the value of bitcoin, not even rank next to bitcoin. People are smart, they'll invest only on the original, and that is bitcoin.

[Shasha80]

In my opinion there is no way CBDC can beat Bitcoin, because whatever CBDC does is still under government control. What many people want is
financial freedom as Bitcoin provides, so whenever Bitcoin will be more needed. Therefore some countries prohibit Bitcoin as payment, because
the government is afraid Bitcoin can beat fiat. Because I believe many people are aware that Fiat is only a tool to enrich banks and governments.

[charlesmichel1]

I was 100% confident that CBDCs will be created not to compete with Bitcoin or replace it, CBDC is the evolution of fiat money. However, the last event show that the banks take Bitcoin more serious than ever.

[PhoenixZephyrus]

Yeah I figured this is what was going to happen. Even the Indian government had early talks about introducing their own centralized crypto, called Lakshmi during the hype period in 2017-18 but it soon died down, they tried to ban bitcoin, and then withdrew the ban in court. Here's a news article from when that was still a thing lol

https://economictimes.indiatimes.com/news/economy/policy/is-modi-government-killing-bitcoin-for-its-own-lakshmi/articleshow/63642523.cms

But yeah, this is probably what most of us expected will happen, no government will support a decentralized currency (and let's face it, there are some valid reasons for that, but yeah I do agree that most of the reasons are for their own benefit, and that banks will vehemently oppose decentralized currency), and at that point, any crypto introduced by the government will just be another modern day fiat, with none of the features that define bitcoin. It won't support our dreams of one currency for the whole world

[coolcoinz]

I was 100% confident that CBDCs will be created not to compete with Bitcoin or replace it, CBDC is the evolution of fiat money. However, the last event show that the banks take Bitcoin more serious than ever.

They are because they see that their position is becoming weaker. They need bailouts and can go bankrupt while cryptocurrencies don't (at least decentralized ones) and people are becoming less interested in keeping fiat money on their accounts because of extremely low interest rates. They're hoping people will continue to take loans they can afford because if too many people lose their jobs and stop paying they're done and it's bailout or bankruptcy. IMO there's no competition between them and bitcoin. Bitcoin is going its own way and surviving against all odds.

[jimmywh]

I don’t think that the banks will succeed. However, as they fail to succeed I think that they will somewhat be much more likely to accept Bitcoin as a real asset. I get why the banks think like they do right now. Decentralization means less revenue, less regulation and less power, which must be kind of scary from their perspective.

[ilhamsugihamin]

I think people will trust the government more because it is obvious, and the bank will easily take monthly fees usually by cutting the balance and going to their Visa / Mastercard and after that you will know, yes they will get control.

[wxa7115]

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.

Fiat is used for illegal purposes even more. It's all bullsh*t for the poor masses, hoping people will be in debt all life and they will be rich forever. BTC was created as a response to their tactics.

And I agree with you I'm just describing what they are thinking and what kind of tactics they are going to use to try to subvert bitcoin, I really think that they are going to try to do to bitcoin something similar to what they did to gold, gold was the main form of money around the world for thousands of years and yet now many economists think of it as a relic of the past, so what happened?

What they did was that governments slowly convinced people to give up their gold to them and now most of the gold all around the world is on their vaults so I think that they will try to do something similar with bitcoin, I hope they do not succeed but history is on their side.

[dondonk]

 it appears that the Bank does not want to lose in digital transactions. They seem to want to be the dominant one used in every transaction as quickly as possible, which turns out to be impossible because the use of bitcoin and crypto is so entrenched that they want to work with the government to promote it. so pathetic . they don't want people to run away from the fiat currency and banking system.

[mezzaluna]

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'

They are like basically saying that they can SOMEHOW SURPASS Bitcoin's milestones in some way because they are officially launching their own currencies. Its like neglecting some local currencies to somehow create their currency. No offense to Macquarie, its a great Financial company but that move is just something that they WANT to do so that they will be not missing out on this Cryptocurrency Industry. Macquarie should just focus on their current craft because creating another currency would just be creating another platform for an Alternate Cryptocurrency.

They should also try implementing Blockchain Technology within their current platforms and see the improvements that can be done but creating a "New" Currency. Lol

[NotFuzzyWarm]

As I said back on page 2,

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.

They are not looking into issuing their own crypto coins - they are setting the framework to use what will most likely be stablecoins pegged to local currency. There is no difference between that and using debit/credit cards - it all boils down to just moving numbers around between different accounts, not physically shipping cash between folks/businesses.

[gurunanakji777]

They can not fight with BTC even I don't think so they will fight with Btc. Bank's prime motto is to issue their own stable cryptocurrencies so that more and more people will adopt their cryptocurrencies as a medium of exchange on the other hand they can not compete with Bitcoin or other altcoins because cryptocurrencies can be rise and drop but bank stable cryptocurrencies value will remain stable.