The CBDC...(damnation)

[Snappycoco]

It would probably be a stable coin not an altcoin. It is quite absurd to think that one country financial ministry tries to overcomes bitcoins domain. I believe what they want to have is an electronic money where they could transact at no hassle at all.

[Argoo]

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.

Bitcoin and states' central bank stablecoins really have little in common. However, they can still be competitors. It's like bitcoin and gold: they also have little in common and, in general, even have diametrically opposed functional characteristics. However, Bitcoin is now a strong competitor to gold.
The stablecoins of the central banks of states will compete with cryptocurrencies as a means of payment. This is still a cryptocurrency vulnerability and the emergence of CBDC can only exacerbate it.

[cabron]

So many assumptions about CBDC coin and it's very possible that the government will be using the digital coin to control just about anything you will do in the country.  One theory I've read was that the government will allocate funds where you can spend a percentage of your money to a particular industry and you can only spend some of it on your clothing and so on. That's not good for sure.

I think it's best for countries to allow BTC or any other cryptocurrency while they also use CBDC coin. Allowing people to buy BTC with CBDC app is freedom.

[Ucy]

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".

In regards to the bold part, I think a true cryptocurrency would be properly and cryptographically secure. I wonder if the security can be considered proper if the currency is not well decentralized/p2p with mass participation to protect the security.

[Spaffin]

So many assumptions about CBDC coin and it's very possible that the government will be using the digital coin to control just about anything you will do in the country.  One theory I've read was that the government will allocate funds where you can spend a percentage of your money to a particular industry and you can only spend some of it on your clothing and so on. That's not good for sure.

I think it's best for countries to allow BTC or any other cryptocurrency while they also use CBDC coin. Allowing people to buy BTC with CBDC app is freedom.

in any case, each government will eventually allow Bitcoin to be used as a means of payment, as well as an asset for investment. but governments are unlikely to consider Bitcoin as the main or national currency in their country. If the government has a goal to create its own national currency, then in any case they will create their own blockchain and their own coin, because they will still have distrust in Bitcoin, and the secrecy of Satoshi Nakamoto will always put them on guard.

[DooMAD]

even though we know the UK is one of the most powerful countries on earth that has ever controlled 1/4 of the world

It "was" one of the most powerful countries.  Nowadays I doubt it's in a position to beat Litecoin.  The entire economy is effectively propped up by a housing bubble and some City of London chicanery.  If anything goes awry with either of those things, it's going to look pretty bleak.


//EDIT:  Also worth mentioning, the UK spent £37 BILLION on a Covid "test and trace" project that never even worked.  What possible hope does that fuckwit Sunak think they have at making a CBDC?  It would no doubt turn into yet another "give loads of public money to private companies who happen to have connections with tory MPs or tory party donors, only for them not to deliver on their promises" sleaze-fest.

[Zanab247]

Bitcoin is decentralized currency which gives many investors access to invest and make more profit from their Investment without pay any taxes to government, while country cryptocurrency is a centralized currency that is control by the government and with some rules and regulations be given by the government to obey. Country cryptocurrency, many investors pay taxes to the government at the end of their transaction to enable them to have more access to their investment. 

[LUCKMCFLY]

Bitcoin continues to represent the best way to operate in every sense, such is the case for China where China's cryptocurrency stablecoin, the Digital Yuan can affect Macau's casino business.

Since the Chinese Yuan has been implemented, transactions and negotiations in casinos have decreased by 60%, this due to the efforts of the government to maintain strict control, that is why the Digital Yuan is fully traceable, which, is not pleasant for casino players, this represents a big problem for the industry, now it is best to operate with currencies that are more commercial, such as bitcoin that has a different approach, despite the fact that casino activity is legal in the country when It is controlled by the government, it is not good at all, that is why Bitcoin will represent the best option.

China’s digital yuan has already been piloted in multiple regions and cities, including Suzhou, Shenzhen, Chengdu and Xiong’an, and Macau, too, looks set to implement the digital currency agenda. Chief executive Ho Iat Seng told the region’s legislators that Macau should “follow the pace” set by the mainland, and the Macau Monetary Authority is reportedly amending its legal framework to accommodate the digital yuan in cooperation with China’s central bank.

Source: https://cointelegraph.com/news/china-s-digital-yuan-could-be-a-fatal-blow-for-macau-casino-junkets

[Coyster]

I think it's best for countries to allow BTC or any other cryptocurrency while they also use CBDC coin. Allowing people to buy BTC with CBDC app is freedom.

CBDC's and Bitcoin will coexist, countries will go ahead and launch their CBDC's, whilst Bitcoin will still be used by the populace that chooses to use it, I haven't seen not heard of any plan to stop the use of Bitcoin cause CBDC's are being created, neither of them (CBDC's and Bitcoin) is a threat to the other, Bitcoin is decentralized, the other is not, Bitcoin is about the control and freedom it gives it's users, the other is controlled and manipulated by the government; CBDC's will be a popular thing in the future, but not at the detriment of BTC whatsoever.

[Oneandpure]

Bitcoin is most competitor make money not interested by every people, why many countries not allowed using bitcoin because they won't some day many people leave for saving money in the bank and put on cryptocurrency like bitcoin or altcoin, this happening if many people know how increase price with bitcoin value than saving money only.

[SaShiRaJaVu]

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.

Anyone can create an altcoin and it is not surprising that the UK finance minister wants to create something that can beat bitcoin, if they could make better economic decisions then they could provide a better living atmosphere for their citizens rather than creating nonsensical statements to beat a decentralized market and every financial ministers from around the globe will be seeing the same dream.

[Emitdama]

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. 

What makes him believe that the ‘Britcoin’ will be able to beat Bitcoin (BTC)? Seems like he doesn’t know much about cryptocurrency? There have been other countries that came with their own cryptocurrencies which are going nowhere, so what makes them think that their new digital bank is going to be able to do anything better than what the others have done? If it’s going to be gaining any adoption at all, it’s going to be just in their country and no other place, but even at that bitcoin is still going to beat their CBDC even in their own country when it comes to adoption lol.

[macson]

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.

whether it's made or not, imo Britcoin will just be another centralized "shitcoin" that will continue to dream of beating Bitcoin.

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.

The Times reported in February 2020 that Murthy has a stake in her father’s IT company that is worth £185million. But her own personal fortune is estimated to be around £430million, which makes her richer than the Queen whose wealth amounts to £350million.

very dramatic "lol"

snip

britcoin alone will be hard to beat litecoin.  demands from the party donors are a thorn in the government.

[Ryker1]

Well, in my opinion -- a centralized cryptocurrency backed by a central bank is a threat to Bitcoin.
Besides having an advantage in gaining trust in people, the formality and resources they have are way better than Bitcoin. They have enough funds which if we have all of our bitcoin assets combine, we can not still beat them. I am not telling that this might be the best answer, but this might show a different perspective and that would be enough for me. However, I am not really sure if this will become successful as cryptocurrency being centralized might actually get the attention of the international government as the biggest disruption might happen. If in case this will happen, I guess they might take at least 10 years to become successful, and that is where Bitcoin has an advantage.

[Oneandpure]

Joe Bidden make cryptocurrency world bad after his tweet today with tax 40% from exchange market, how will be possible if exchange market pay more than 40% fee, this crazy and government try to make fud with bitcoin or altcoin, but you keep hold because this way try by some one to get and buy bitcoin or altcoin on lower price.

[Ludmilla_rose1995]

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.

I strongly agree. many people choose Bitcoin because of its decentralized nature. which means we are free to control the money we have without anyone controlling it. So, I think Britcoin will still be unable to compete with Bitcoin.

[awik p]

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.

I strongly agree. many people choose Bitcoin because of its decentralized nature. which means we are free to control the money we have without anyone controlling it. So, I think Britcoin will still be unable to compete with Bitcoin.

besides that, with the increasing number of large companies adopting bitcoin, of course it will foster the confidence of other investors to join, so that the growing development of bitcoin as it is today can have a big influence

[maxreish]

I dont think it will become successful to create a centralized currency. To think it will not too far with the fiat currency, the  it is like creating another fiat currency and not just like cryptocurrency because it will be controlled by their government as well.

The name sounds like bitcoin, too. Why not think of other name aside from britcoin? Well, they  wont beat bitcoin even they create their own currency. Investors will still stay with the old, established and original currency as bitcoin.

[DooMAD]

Investors will still stay with the old, established and original currency as bitcoin.

Try not to think of CBDCs as "investments".  They're not.  Assuming they ever went ahead with the idea, it would just be a purely digital continuation of the existing national currency.  But I doubt they would go ahead with it because a) they lack the competence to do it correctly and b) I don't think society is quite ready to accept it yet.

[Ridwan Fauzi]

Let them make another bitcoin because eventually they will be aware that bitcoin cannot be juxtaposed. Take a look China a few years ago when they trying to make their own crypto currency (reminbi) and many media deemed that their crypto currency can compete bitcoin utilization or even its price movement. But until now, I haven't seen its utilization can compete bitcoin price movement.

This is what will happen to UK as well when they make their own crypto currency. Bitcoin is unique, there is no one who can be able cloning it. Also, the investor perspective will never be easy to move their eyes to the new place. But, at this point I really greatfull with the government who decide to make their own crypto currency. At least bitcoin is bringing a new era for human life.