The CBDC...(damnation)

[Princejebs]

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 he is the next Satoshi Nakomoto but this one is from central Bank with a valid identity. The sad truth, if they should allow and grant him the opportunity. Many who don't understand freedom of finance will heavily invest but it will die early in my opinion.
It baffles me how some of this institution think they can replace bitcoin by creating shitcoin with a central authority that depend and belong to a particular country. Its a dead on arrival. 

[BrewMaster]

It baffles me how some of this institution think they can replace bitcoin by creating shitcoin with a central authority that depend and belong to a particular country. Its a dead on arrival. 

i don't think most of those who keep creating altcoins (including any big companies like Facebook) are trying to replace bitcoin because they know it is impossible. what they are doing is trying to not be left behind as the revolution of bitcoin continues to take over the world.

[DarkIT]

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.

After analysis the investment on bitcoin by the people around the world. Some country had decided to launch their own cryptocurrency. Just as a trading investment, the government may get two profit. One by regulations, it can get a tax to the Elite people of the society. Secondly the new investment made a government to rotate their money and use it as essential needs.

[dunfida]

It baffles me how some of this institution think they can replace bitcoin by creating shitcoin with a central authority that depend and belong to a particular country. Its a dead on arrival.  

i don't think most of those who keep creating altcoins (including any big companies like Facebook) are trying to replace bitcoin because they know it is impossible. what they are doing is trying to not be left behind as the revolution of bitcoin continues to take over the world.

Its normal that they would really jump into the bandwagon and have no plans to get left behind with the trend and its just normal to see off these kind of steps.
Country do make out their crypto? Its not totally crypto since this is still heavily centralized.It still the same with fiat which is heavily centralized.

When it comes to competition then theres no doubt that government made crypto/coins arent something that can tie up with bitcoin.
Support would be totally different if we do compare the two.

[Henrobakkara]

It baffles me how some of this institution think they can replace bitcoin by creating shitcoin with a central authority that depend and belong to a particular country. Its a dead on arrival. 

i don't think most of those who keep creating altcoins (including any big companies like Facebook) are trying to replace bitcoin because they know it is impossible. what they are doing is trying to not be left behind as the revolution of bitcoin continues to take over the world.

I agree with you. Every other cryptocurrency that came and would still come after Bitcoin be it some countries Digital currency CBDC will just be a mimic of Bitcoin because they have seen what Bitcoin is about and dont want to miss out on the revolutionary piece of the pie. There is no replacing Bitcoin, all those government will create will never be truly Decentralized which is one major aspect of Bitcoin. 

[Leviathan.007]

I can see many countries are trying to fight against bitcoin because they do believe that increasing the bitcoin demand in their country will decrease the demand of their currency so they need to evolve, in the other hand, many countries will try to follow the new technology so they will try to introduce their own cryptocurrency. The main difference between the cryptocurrency created by governments and bitcoin is the decentralization of bitcoin ,that's why even if the governments create own cryptocurrencies there won't be enough demand comparing to bitcoin.

[Obito]

I can see many countries are trying to fight against bitcoin because they do believe that increasing the bitcoin demand in their country will decrease the demand of their currency so they need to evolve, in the other hand, many countries will try to follow the new technology so they will try to introduce their own cryptocurrency. The main difference between the cryptocurrency created by governments and bitcoin is the decentralization of bitcoin ,that's why even if the governments create own cryptocurrencies there won't be enough demand comparing to bitcoin.

I don't get it because bitcoin is closely tied to fiat currency so their fear is irrational. Another reason that I can think of is that they have an interest that bitcoin is going to destroy if they propagate so they antagonize it while it is still young and doesn't have a lot of followers. CBDC in my opinion is just a digitized fiat that is the antithesis of bitcoin and cryptocurrency because they can track you and your purchases.

[Silberman]

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.

That is all what we need to know, whatever they create is going to be nothing more than a glorified fiat and that is the best case scenario, in the worst case scenario they create a digital currency that is way worst than anything the world has ever seen that can monitor every single transaction you make and block your funds on command, then they will complain about no one using their currencies and will try to block bitcoin and say it is a threat when it was bitcoin the first cryptocurrency and they are offering nothing but a cheap and inferior copy of bitcoin.

[blue_nexus15]

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.

Right. The CBDC has been piloted in a number of countries, essentially the CBDC will not pose a threat to bitcoin and it will even have a clear regulation for the exchange with bitcoin. Maybe or won't they? Anyway, with the CBDC, the government has begun to acknowledge blockchain technology and it is a moment of truth that they cover up.

[Kittygalore]

The CBDC has been piloted in a number of countries, essentially the CBDC will not pose a threat to bitcoin and it will even have a clear regulation for the exchange with bitcoin. Maybe or won't they? Anyway, with the CBDC, the government has begun to acknowledge blockchain technology and it is a moment of truth that they cover up.

Which countries, I am pretty curious because the only one I know is the Digital Yuan from China. I do think so because most CBDC have a framework similar to cryptocurrency but I have heard they put tracking on it so more like a digital money.

[iamsheikhadil]

For your last line, no it won't make it just another altcoin, it will make it much worse even altcoins are decentralized (most) and there's no way a centralized coin will be used by people who are using crypto-currencies for the decentralization and anonymous service it provides for us. Using the centralized currency would be just like using debit card, then why would we use the more complicated path.

[davis196]

Britcoin is definitely a pretty original name. "UKcoin" seems pretty good as well.
I thought that they are going to use "digital lira" or "digital pound" to call their British pseudo-cryptocurrency.
I don't know why all the central bankers around the world are so hyped up about CBDC.
They must be knowing something we don't know.There's something hidden about all those CBDC projects.
Britcoin can beat Bitcoin on British land,only if Bitcoin gets banned in the UK and Britcoin becomes a legal tender.There's no other way.

[iv4n]

Britcoin can beat Bitcoin on British land,only if Bitcoin gets banned in the UK and Britcoin becomes a legal tender.There's no other way.

It's the thing with governments, they can force their own rules... and they are doing that, they have power in their arms!

I believe it all comes down to people, what we use, and what we support, willingly or not, with desire or just because we don't have any other choices! So for ideal world governments and countries needs to fall! Together with many institutions they represent! That to happen people (all of us) need to make some choices, now or in the future!

In the last 10 years, crypto is winning the war, battle by battle it's taking more space! This war is far from over, and here I see crypto on one side and the government/bank sector on the other side! Will be interesting what the future is bringing, for sure until now it was like a crazy ride, so it will probably be like that in the future! We will see some crazy moves and actions on both sides, I am sure in that!

[acener]

Every country could create their own crypto but I think no centralized crypto currency could ever replace or defeat Bitcoin.
I for one would support our country's crypto if they choose to create one but I would still choose Bitcoin over it when it comes to Holding or investing.

[TastyChillySauce00]

It baffles me how some of this institution think they can replace bitcoin by creating shitcoin with a central authority that depend and belong to a particular country. Its a dead on arrival. 

i don't think most of those who keep creating altcoins (including any big companies like Facebook) are trying to replace bitcoin because they know it is impossible. what they are doing is trying to not be left behind as the revolution of bitcoin continues to take over the world.

Also most of institution or government who tries to make their own version of cryptocurrency whether centralized or decentralized by default are trying to create userbase or further expand the reach of their currency. Just imagine a country that creates a CBDC, their cryptocurrency in form of paper money? no one cares but if it's digitalized and somewhat take advantage of blockchain technology making it fancy being called CBDC? maybe it could attract people.
It's just matter of further expanding their interests through the use of blockchain technology despite all the shortcomings they may face in the future because most of them are made to be centralized.

[noorammak]

The national cryptocurrency will apply blockchain to governance. They only reduce the burden on banks when people can transact without a bank intermediary. I think the chain of pre-CBDCs will be a centralized one. State banks will play a dominant role as well as create value for their money.

Bitcoin is decentralized and has a scarcity determined by the algorithm and the needs of organizations and individuals around the world. That makes the value of Bitcoin constantly increase over time. People love Bitcoin and want to keep Bitcoin.
Bitcoin is truly a store of value and a symbol of freedom around the world.

[geegaw]

I can see many countries are trying to fight against bitcoin because they do believe that increasing the bitcoin demand in their country will decrease the demand of their currency so they need to evolve, in the other hand, many countries will try to follow the new technology so they will try to introduce their own cryptocurrency. The main difference between the cryptocurrency created by governments and bitcoin is the decentralization of bitcoin ,that's why even if the governments create own cryptocurrencies there won't be enough demand comparing to bitcoin.

Bitcoin is a huge source of economic production and sometimes it changes a large part of the finances of some people in some countries, most notably its appeal, always very powerful and mesmerizing, and governments that think creating a similar technology will be able to perfect their finances in such an unthinkable way. However, they only focus on technology and promotion, they do not give people the freedom and develop prices the way investors want, they all push people to the opposite direction.

[Miike]

I really don't know where we aee moving to, as an Independent Nation. Looking at the way things are going on in the Country one cannot reaaly point to any particular area and be as well proud of of the present administration.
Education zero, Power zero even talking about the very means of income for the common citizens has been ban all in the name for going to Tollgate for protest . I am tired.

[FanEagle]

Also most of institution or government who tries to make their own version of cryptocurrency whether centralized or decentralized by default are trying to create userbase or further expand the reach of their currency. Just imagine a country that creates a CBDC, their cryptocurrency in form of paper money? no one cares but if it's digitalized and somewhat take advantage of blockchain technology making it fancy being called CBDC? maybe it could attract people.
It's just matter of further expanding their interests through the use of blockchain technology despite all the shortcomings they may face in the future because most of them are made to be centralized.

CBDC is not some shitcoin, it is backed by governments and that is an important deal. Think about it this way, they could raise funds from it as well. Let's assume USA did a CBDC and sold digital dollar, what is going to happen? Most of that will be in exchanges, instead of things like USDT we are going to have the CBDC of the government and we will be using that. Looking at how there is 50+ billion dollars of USDT that means USA could get a lot of money for their digital currency.

This is right now, think about 5 to 10 years later, it is going to be even more, it could be 100+ billion dollars in the vaults of USA government with the assurance that nothing would happen to that money guaranteed by the government. So, that means it is going to be something very helpful for the people and I think it is going to help a lot of people and also the governments.

[Twentyonepaylots]

We all know that the main selling point of bitcoin is the fact that it is secured, it is anonymous, and it is decentralized. To create a central-backed cryptocurrency with the idea of it being on par with bitcoin is just plain old rookie mistake, as many coins in the market already did that in the past but because of the fact that it is susceptible to corruption and rug pulls, didn't become successful. This will have bigger chances of happening on coins that are backed by the government by the way so there's that.