The CBDC...(damnation)

[macson]

British finance minister Rishi Sunak told the Bank of England on Monday to look at the case for a new “Britcoin”, or central bank-backed digital currency, aimed at tackling some of the challenges posed by cryptocurrencies such as bitcoin.

"We're launching a new taskforce between the Treasury and the Bank of England to coordinate exploratory work on a potential central bank digital currency (CBDC)," Sunak told a financial industry conference.

Soon after, Sunak tweeted the single word "Britcoin" in reply to the finance ministry's announcement of the taskforce.

https://www.reuters.com/business/finance/uk-launches-taskforce-potential-bank-england-digital-currency-sunak-2021-04-19/

some time ago the UK finance minister openly said he wanted to beat Bitcoin by creating Britcoin.  i see his ambition is really absurd, even though we know the UK is one of the most powerful countries on earth that has ever controlled 1/4 of the world but beating Bitcoin is mission impossible.

Bitcoin is a decentralized cryptocurrency whereas Britcoin is definitely a centralized currency, this is what will make Britcoin just be another Altcoin as usual.  

also read...

[GUIDE] All About Central Bank Digital Currency (CBDC)
Goverments creating digital currencies - Threat or Opportunity?
The Government-Backed Digital Dollar (USD)

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[Lucius]

The only weird thing about this story is that they are only now thinking about their digital currency, while some others have been doing it for years. Of course, such initiatives stem from the fear that they will lag behind other countries in this regard, but also that there needs to be some competition to Bitcoin which nonetheless is still perceived as a threat - for the reason that no one literally controls it.

When someone says they want to defeat Bitcoin by creating a CBDC, then it really doesn't make sense - those two are quite diametrically opposed things that have nothing in common, except maybe that they're both digital. When a finance minister says things like this in public, then it is clear that today anyone with good political connections can be a minister - but that does not necessarily mean that he is an expert in the finance sector.

Most countries will have their own CBDC in the next 5-10 years, but it will be nothing but digital fiat - things will not change much between fiat and Bitcoin.

[Ucy]

Ofcourse. What will help Bitcoin remain competitive is its uniqueness, such as decentralization and its other important ideals.
It's actually never a good idea for a Decentralized Network like Bitcoin to compete with them in centralized manner. Better it becomes decentralized in most things it does. There are lots of people who will definitely choose Bitcoin because of the decentralization... if they need centralized coin, they use the Central Bank coins.

[BrewMaster]

Most countries will have their own CBDC in the next 5-10 years, but it will be nothing but digital fiat - things will not change much between fiat and Bitcoin.

exactly, and the funny thing is that it won't be anything new. every time we use our credit cards or basically any other form of digital payment that goes through the banks or some centralized payment processor we are already using "digital currencies". what difference would it make if that centralized currency were called digital or crypto? nothing.
this is why i disagree with the first part and think only a small number of countries are going to create a "cryptocoin".

[Febo]

The Country Cryptocurrency vs Bitcoin

CBD or central bank coins will have opaque ledger. That will be their main selling point to the public. Bitcoin is permissionless. Everyone can use it and dont need anyone's approval for it. That will be biggest selling point for Bitcoin.  Reality is that this CBCs will come very late. If they would be out 5 years ago they could make some change. 5 years form now they will have much less impact.

[stompix]

The only weird thing about this story is that they are only now thinking about their digital currency, while some others have been doing it for years.

Actually, they have thought about it for a long time, the Bank of England doesn't need to look downs they've already done a lot of research on it a long time ago, it's just that it didn't materialize, maybe the idea then quite ahead of its time. I can't find the older ones but in 2016 and 2017 there is a ton of publications on it.

As for Rishi Sunak, that's just an act, trying to look cool and trying to score another point after the Brexit, they will have their own Britcoin. Nothing real will come out of it too soon and it will not live to the expectation he tries to show as revolutionary.
Besides:

The Government and the Bank of England have not yet made a decision on whether to introduce a CBDC in the UK, and will engage widely with stakeholders on the benefits, risks and practicalities of doing so.

So it's a task force that will check first if it's feasible to make britcoin, not to create it.

[YOSHIE]

What you need to know is: Bitcoin is a crypto asset that can be owned by everyone in this world, meaning: stored and sold when the price jumps high in other words it can be called an investment asset.

Meaning: Bitcoin is not a payment asset in general like fiat money, Bitcoin is a network system as we know it today, namely: open source P2P (peer-to-peer) payments.

So: in what way does the UK want to beat Bitcoin, the price, or the network Bitcoin is currently using.
Many popular countries say they want to beat Bitcoin, in fact, until now no one has been able to beat Bitcoin.

You've read at that time China said it would control Bitcoin, what they get is just bullshit, so the news about England that you mention is just a nonsense concept put out by greedy and ambitious people.

[Haunebu]

What a load of absolute crap. This isn't the first time a government openly challenged Bitcoin's dominance through the creation of a centralised cryptocurrency and it certainly won't be the last.

Mr.Rishi already got screwed recently after it was revealed that he never declared the complete wealth possessed by his wife(She is richer than Queen Elizabeth 2) and he will probably screw himself once again due to these ridiculous claims.

[slapper]

some time ago the UK finance minister openly said he wanted to beat Bitcoin by creating Britcoin.  i see his ambition is really absurd, even though we know the UK is one of the most powerful countries on earth that has ever controlled 1/4 of the world but beating Bitcoin is mission impossible.

Bitcoin is a decentralized cryptocurrency whereas Britcoin is definitely a centralized currency, this is what will make Britcoin just be another Altcoin as usual. 

Indeed, the mission to defeat bitcoin is impossible. There is no way a government coin can subvert bitcoin, even the China which claims to be testing their CNBC for long ago is not able to change the reality

But I do not consider Britcoin is altcoin. Do we see great britain pound as a alternative currency ? Of course not, it will certainly have some quality for a country. Maybe the model will reshape the global economy too when most of countries decide to create their own CBDC

[Dilerium90]

British finance minister Rishi Sunak told the Bank of England on Monday to look at the case for a new “Britcoin”, or central bank-backed digital currency, aimed at tackling some of the challenges posed by cryptocurrencies such as bitcoin.

"We're launching a new taskforce between the Treasury and the Bank of England to coordinate exploratory work on a potential central bank digital currency (CBDC)," Sunak told a financial industry conference.

Soon after, Sunak tweeted the single word "Britcoin" in reply to the finance ministry's announcement of the taskforce.

https://www.reuters.com/business/finance/uk-launches-taskforce-potential-bank-england-digital-currency-sunak-2021-04-19/

some time ago the UK finance minister openly said he wanted to beat Bitcoin by creating Britcoin.  i see his ambition is really absurd, even though we know the UK is one of the most powerful countries on earth that has ever controlled 1/4 of the world but beating Bitcoin is mission impossible.

Bitcoin is a decentralized cryptocurrency whereas Britcoin is definitely a centralized currency, this is what will make Britcoin just be another Altcoin as usual. 

i saw a lot of great topics drowning.

[GUIDE] All About Central Bank Digital Currency (CBDC)
Goverments creating digital currencies - Threat or Opportunity?
The Government-Backed Digital Dollar (USD)

I think these are just loud statements to attract attention. Every sane person understands, that Bitcoin cannot be replaced by any government centralized cryptocurrency. Including Britcoin ))

[Imran232]

Its a silly comparison to a son with his father. Remember son is son not a dad. One day son will be dad but remember that time dad will be grandfather. So its a simple thing father is always a one stpe up than son. So bitcoin is a father of crypto industry or Digital currency what ever you guys called it. And there is another thing bitcoin is mostly popular for users because of it anonymous. It is non authorise. It is non traceable. But if government makes a digital currency then it will be controlled by its government what people didn't like. Thats a simple thing. Its my opinion others could be different.

[Gozie51]

some time ago the UK finance minister openly said he wanted to beat Bitcoin by creating Britcoin.

This kind of statement only depicts acceptance of bitcoin. When someone tries to imitate the first, it means that there was a known, recognised and existing figure and this has been the reason for countries plus other social media giants are looking the direction of building a cryptocurrency for there own purpose. Bitcoin can't be compared to any altccoin and not even that mimicked by a centralised body, the government.

[goldade]

One particular thing you should know is that the government and the banks are not going to willingly give power to to the people by submitting to the power of bitcoin. They are going to do everything possible to look for a way to always be in control of the finances of the people.
I'm not surprised they are looking for an alternative for bitcoin, they are only scared of the benefits of bitcoin. They, however, cannot stop bitcoin neither can they control it. Bitcoin is decentralised while whatever coin they create will be centralised.

[just_Alice]

It seems like the BoE only thinks about Bitcoin and other cryptocurrencies in terms of digital money, completely disregarding all other features. Those who are still new to cryptocurrencies or are prejudice to Bitcoin might buy that, but I don't think it's going to work with the current crypto users. People won't exchange independence, decentralization, and privacy for stability.

[Hydrogen]

There is a demographic interested in buying bitcoin. Who are waiting for CBDC's believing they'll be safer, better protected and better insured. These announcements could be a stall tactic intended to keep people waiting for officially endorsed alternatives to bitcoin, which may never materialize.

Given the past difficulties banks have had in modernizing their financial networks. Its unlikely they'll rollout new infrastructure and digital currency networks anytime soon.

Some of the greatest (if not the greatest) bank heists in history occurred when banks modernize/upgrade their systems to an electronic format. There are trusted developers and middle men who have tried to rob banks while in the process of modernizing and upgrading them. The amount of trust, money and work it takes for the banking industry to rollout new technology is non trivial at best. Which is one reason why it very seldom happens.

[Lorence.xD]

It seems like the BoE only thinks about Bitcoin and other cryptocurrencies in terms of digital money, completely disregarding all other features. Those who are still new to cryptocurrencies or are prejudice to Bitcoin might buy that, but I don't think it's going to work with the current crypto users. People won't exchange independence, decentralization, and privacy for stability.

That depends because if it works well then probably we will have second thoughts about it but I don't think that we are going to see it suddenly defeating bitcoin. Personally, I would like to see them try and in a way get a taste of their own medicine.

[FanEagle]

some time ago the UK finance minister openly said he wanted to beat Bitcoin by creating Britcoin.  i see his ambition is really absurd, even though we know the UK is one of the most powerful countries on earth that has ever controlled 1/4 of the world but beating Bitcoin is mission impossible.

Bitcoin is a decentralized cryptocurrency whereas Britcoin is definitely a centralized currency, this is what will make Britcoin just be another Altcoin as usual. 

Yes, any country specific coin will be just another altcoin and bitcoin will not get any impact due to that and definitely will continue how it is already doing. Moreover I am just seeing those country specific coins like electronic version of fiats; more preciously electronic version of fiats on blockchain.

I am sure not just Britain, many countries will come against bitcoin like this in the future but how people are going to react to this will be the short-term problem and in long run I'm sure bitcoin will not be having any problem as people will understand the benefit of adopting bitcoin after trying those country specific coins.

[Mauser]

some time ago the UK finance minister openly said he wanted to beat Bitcoin by creating Britcoin.  i see his ambition is really absurd, even though we know the UK is one of the most powerful countries on earth that has ever controlled 1/4 of the world but beating Bitcoin is mission impossible.

This sounds impossible in my opinion. The UK is just too small compared to the whole Bitcoin market. Even now after leaving the EU it will be especially hard. Making their own coin is fine, but who is going to buy it? Do they honestly expect the whole world to switch into Britcoin insteads of BTC? The chances for that to happen a very very small. Mission impossible is a good comparison.

[Wexnident]

In the end, CBDC and Bitcoin isn't something that would actually fight over, well, whatever it is that they're fighting for. One's centralized and one's decentralized, where would they even fight to begin with? It's just one side selfishly declaring their wish to actually create an opposition towards the other, while the other is basically, well, still the same.

This sounds impossible in my opinion. The UK is just too small compared to the whole Bitcoin market. Even now after leaving the EU it will be especially hard. Making their own coin is fine, but who is going to buy it? Do they honestly expect the whole world to switch into Britcoin insteads of BTC? The chances for that to happen a very very small. Mission impossible is a good comparison.

And that would be considering that the entire UK population would even start using their Britcoin. Would only happen if they decided to overhaul the entire financial system of the country, which should have implications that would most likely exceed the country itself imo.

[GeorgeJohn]

some time ago the UK finance minister openly said he wanted to beat Bitcoin by creating Britcoin.  i see his ambition is really absurd, even though we know the UK is one of the most powerful countries on earth that has ever controlled 1/4 of the world but beating Bitcoin is mission impossible.

This sounds impossible in my opinion. The UK is just too small compared to the whole Bitcoin market. Even now after leaving the EU it will be especially hard. Making their own coin is fine, but who is going to buy it? Do they honestly expect the whole world to switch into Britcoin insteads of BTC? The chances for that to happen a very very small. Mission impossible is a good comparison.

Don't degrade any country because looking at UK it's obvious that UK is financial buoyant enough to take cares any charges that comes on their way, but you can't compare it to cryptocurrency industrial market, shall all these are suggestions but it's obvious that it will come in reality, that they will create a coins that will that bear to their name, let seat and watch the out come of their objective.