The CBDC...(damnation)

[DooMAD]

I think they are just excited for the UK to be able to promote coins using bitcoin as a competitor.

This is the narrative we urgently need to confront.  If anyone attempts to suggest it will be a competitor to Bitcoin, they are either misguided or are being deliberately misleading.  CBDCs, if they go ahead, will literally just be the current fiat we already have (in this case Pound Sterling), minus the physical cash.  They are not going to be "new coins".  So don't think of them in that way.  It's just a continuation of the same old boring existing national currency while declaring war on cash.  Don't hype them up to be something they aren't.

[Oneandpure]

Waiting with bigger and popular country want to adopt and bitcoin become legal payment transaction like in United Kingdom, United State and Germany, because effect with popular country when accepting bitcoin have more respond and give positive side for bitcoin and altcoin really can be most popular payment in the world.

[Ozero]

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.

If the UK issues its own britcoin, it will be just another stablecoin, though of course a special one, since most stablecoins are backed by dollars. This will have no more impact on Bitcoin than other stablecoins. Stablecoins compete with cryptocurrencies in a certain way as a means of payment, but otherwise they are completely different financial assets. Therefore, Britcoin cannot surpass Bitcoin in any way.

[DooMAD]

If the UK issues its own britcoin, it will be just another stablecoin, though of course a special one

I'm not so sure about that.  I have a suspicion that it could conceivably bring an end to conventional stablecoins. 

Consider, if nations start issuing their own CBDCs, they probably won't have much tolerance for corporations using their own private assets to issue competing tokens.  Governments won't want to compete on a level playing field and will naturally want dominance of their CBDC.  They could easily create a hostile regulatory environment for private corporate tokens (because centralised entities are easier to regulate than something decentralised like Bitcoin), making stablecoins less attractive for users.  After all, why compete with stablecoins when you can just make them obsolete?

[macson]

If the UK issues its own britcoin, it will be just another stablecoin, though of course a special one

I'm not so sure about that.  I have a suspicion that it could conceivably bring an end to conventional stablecoins. 

Consider, if nations start issuing their own CBDCs, they probably won't have much tolerance for corporations using their own private assets to issue competing tokens.  Governments won't want to compete on a level playing field and will naturally want dominance of their CBDC.  They could easily create a hostile regulatory environment for private corporate tokens (because centralised entities are easier to regulate than something decentralised like Bitcoin), making stablecoins less attractive for users.  After all, why compete with stablecoins when you can just make them obsolete?

looks like what you said here is already happening.  they want to make stablecoins obsolete by creating unicoin.

Universal Monetary Unit Model Law legislation has been drafted in collaboration with several sovereign states which dictates that UMU should not be enacted as legal tender for negotiating domestic prices or international trade agreements.

DCMA executive director Darrell Hubbard, and the “chief architect” of UMU, says UMU strengthens the international monetary system by helping the IMF achieve its stated mandate to provide economic and financial stability to its member states.

“UMU is a game-changer in how cross-border payments are transacted and mitigates against seasonal and systemic local currency depreciation,” Hubbard says.

[1] https://www.fintechfutures.com/2023/04/digital-currency-monetary-authority-launches-international-cbdc/

Currently, global banking recognizes two legal forms of cash: regulated e-cash and physical cash. Bitcoin’s electronic cash hasn’t been widely adopted in banking because it doesn’t cryptographically represent either of these.

However, the DMCA’s UMU/Unicoin currency is explicitly designed to work with financial and monetary institutions. However, UMU will not be a legal tender for negotiating domestic prices or international trade agreements. Instead, it will function as a store of value, mitigate currency devaluation, and be used as a method of payment.

UMU has premium exchange rates built into its wallet and can convert any settlement currency amount to the equivalent UMU amount. Its creators hope that one day merchants could accept UMU for the equivalent market value for their goods and services priced in any national legal tender.

[1] https://beincrypto.com/whats-deal-new-international-cbdc-unicoin/

this is the reason why unicoin will fail, people are smart, and they will only choose bitcoin to protect value.

[DooMAD]

[1] https://www.fintechfutures.com/2023/04/digital-currency-monetary-authority-launches-international-cbdc/

Currently, global banking recognizes two legal forms of cash: regulated e-cash and physical cash. Bitcoin’s electronic cash hasn’t been widely adopted in banking because it doesn’t cryptographically represent either of these.

However, the DMCA’s UMU/Unicoin currency is explicitly designed to work with financial and monetary institutions. However, UMU will not be a legal tender for negotiating domestic prices or international trade agreements. Instead, it will function as a store of value, mitigate currency devaluation, and be used as a method of payment.

UMU has premium exchange rates built into its wallet and can convert any settlement currency amount to the equivalent UMU amount. Its creators hope that one day merchants could accept UMU for the equivalent market value for their goods and services priced in any national legal tender.

[1] https://beincrypto.com/whats-deal-new-international-cbdc-unicoin/

this is the reason why unicoin will fail, people are smart, and they will only choose bitcoin to protect value.

The establishment will use Unicoin and that's all it'll need.  Traditional banks will use it to move money internationally, which by itself should be enough demand for it to live.  But even if it wasn't, the IMF won't allow it to fail if it further entrenches their influence.  They likely have sufficient funds to prop it up for as long as their plans require.

//EDIT:  Perhaps I spoke out of turn.  It seems to be far from confirmed that the IMF have any interest whatsoever in this project yet.

[Smartprofit]

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.

The creators of the CBDC can go the other way - they can simply ban Bitcoin.  The only way to defeat the first cryptocurrency is to criminalize the possession, use and mining of Bitcoin.  Is it possible?  At present, this seems like a fantasy...

However, the hints that Britcoin will destroy Bitcoin, in my opinion, are not accidental.  The creators of the CBDC plan to destroy not only cryptocurrencies, but also cash fiat currency.  If this happens, then Bitcoin will be impossible to exchange for fiat currency. 

At the same time, a ban on the use of Bitcoin as a means of payment will probably be introduced.  This is what the creators of CBDC mean when they say they will destroy Bitcoin.

[coupable]

IMO, after the governments that are working to implement their CBDC get their systems to function fully. That will be the call for more countries to replicate the experience because ultimately each nation will need its CBDC.
As the world advances, technology is more demanding that is why we are at this point one step away from the domain of digital technology.

On the other hand, bitcoin and cryptocurrencies are occupying spaces that previously belonged to financial institutions and banks, so time is short.

The problem is that there will not be any successful project from those projects that countries will produce if they are not interconnected to each other to facilitate exchanges, otherwise there will be no benefit from using them (for individuals). It would have been easier if those governments had adopted Bitcoin as well, which would facilitate exchange operations if we linked all the cbdcs that governments would produce with their value in Bitcoin.
And the longer the decision to postpone, this gives greater opportunities for Bitcoin to spread at the expense of fiat currencies (especially the dollar), which is witnessing a suffocating crisis, and only the crises that afflict the crypto market can save it.

[macson]

The establishment will use Unicoin and that's all it'll need.  Traditional banks will use it to move money internationally, which by itself should be enough demand for it to live.  But even if it wasn't, the IMF won't allow it to fail if it further entrenches their influence.  They likely have sufficient funds to prop it up for as long as their plans require.

i see, Unicoin seems like they won't let it go to ashes that easily, with all available efforts, they will definitely exert their all to make (direct) mass adoption of Unicoin, but no matter how much funding support they have as long as Unicoin is not interesting in the community, then it's just a pure shitcoin.


[1] https://unicoin.com/

how stupid are they with such one-sided claims LOL

who the hell Unicorn hunters?

[BenCodie]

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.  

Let them create their monstrosity and laugh at them when they fall on their face. Archive their words and throw it back at them later! Prepare for mockery, it will be fun!

What these hooligans do not realize is that they are shooting themselves in the foot. By creating something similar to Bitcoin, like Britcoin, and on-boarding the masses by doing so, they are preparing those same masses to use a better alternative, being Bitcoin. They are also marketing it in a way where they are putting this "Britcoin" right up against Bitcoin and allowing people to make direct comparisons, all while teaching them how to use cryptocurrency. With all of this in mind, in the long-term this is GOOD for Bitcoin, as people who otherwise would not have used cryptocurrency are now using Britcoin (a step toward Bitcoin) and will eventually see the added benefits of Bitcoin. Not to mention, no one in their right mind would move from Bitcoin to Britcoin, so really, it is no threat to those who are already using Bitcoin and know of its benefits.

I can't wait until they release this trash and then start to realize what a mistake they have made. I'm stockpiling popcorn for the day

[tjtonmoy]

We have seen this many times in the past. CBDC, ALTS, they are all cheap copy of Bitcoin. And they way they say that it will do this and that and what not. In the end, they bite the dust despite putting all the effort they could have. Reason? They all are centralized shit. You can never provide what Bitcoin is doing now if you make all your coins and currency centralized shit.
As we have seen in the past that no other crypto were able to take over BTC, I don't think any other CBDC will be able to do that too. It's just the digital form of fiat currency. What new to that? You can't use it outside your country without converting them. But BTC is the global currency where in everwhere  BTC will always remain as 1 BTC.
So there's no need to worry about anything. Britcoin. What's that? We only choose Bitcoin.

[beerlover]

We have seen this many times in the past. CBDC, ALTS, they are all cheap copy of Bitcoin. And they way they say that it will do this and that and what not. In the end, they bite the dust despite putting all the effort they could have. Reason? They all are centralized shit. You can never provide what Bitcoin is doing now if you make all your coins and currency centralized shit.
As we have seen in the past that no other crypto were able to take over BTC, I don't think any other CBDC will be able to do that too. It's just the digital form of fiat currency. What new to that? You can't use it outside your country without converting them. But BTC is the global currency where in everwhere  BTC will always remain as 1 BTC.
So there's no need to worry about anything. Britcoin. What's that? We only choose Bitcoin.

Alts and CBDC are different, CBDC is a bit closer to stablecoins and I think that is the closest thing to each other. I know that it is going to be a difficult thing to accept them into the crypto because many people will be against it since it was crypto that allowed us to get away from the governments whereas this would be governments following us into crypto and I can see why people could dislike it.

But, I wouldn't say that a digital dollar would be similar to ETH or BNB for example, those are totally different things and I would not compare them. However, USDT and a digital dollar would be similar, in one of them you trust the company Tether, in the other you trust USA government, that is why I feel like it would be used anyway.

[DooMAD]

By creating something similar to Bitcoin, like Britcoin, and on-boarding the masses by doing so, they are preparing those same masses to use a better alternative, being Bitcoin. They are also marketing it in a way where they are putting this "Britcoin" right up against Bitcoin and allowing people to make direct comparisons, all while teaching them how to use cryptocurrency. With all of this in mind, in the long-term this is GOOD for Bitcoin, as people who otherwise would not have used cryptocurrency are now using Britcoin (a step toward Bitcoin) and will eventually see the added benefits of Bitcoin.

That would be the ideal outcome, sure.  But we are talking about a populace that consistently votes against its own interests at every available opportunity.  If there's a choice that would empower them and a choice that hands more power, control and influence to those who are trying to steal from them... Well, let's just say Brits have a remarkable propensity to take the dumbfuck option.  

I'm convinced I reside in a country full of masochists.  They must enjoy suffering or they wouldn't keep inflicting it upon themselves.  

[MarjorieZimmermanGinger]

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.

They can make Britcoin but they can't beat Bitcoin. It is clear that you understand decentralization and one of the advantages of Bitcoin is this concept, while the UK is trying to make Britcoin centered it means they can be controlled and have no advantages. In theory the concept of technology development, countries that don't create CBDCs I think they are behind in technology and every country has to start thinking seriously about creating these, but the concept is not to beat Bitcoin but to provide easy transactions and payment options using it.

Each country will definitely create a CBDC and that is the custody of the previous fiat and is centralized in influence, so that the CBDC will be far different from the concept in bitcoin, no matter how forced it is, CBDC will operate not far from fiat and it's just that the concept is like digital.

[Ozero]

If the UK issues its own britcoin, it will be just another stablecoin, though of course a special one

I'm not so sure about that.  I have a suspicion that it could conceivably bring an end to conventional stablecoins. 

Consider, if nations start issuing their own CBDCs, they probably won't have much tolerance for corporations using their own private assets to issue competing tokens.  Governments won't want to compete on a level playing field and will naturally want dominance of their CBDC.  They could easily create a hostile regulatory environment for private corporate tokens (because centralised entities are easier to regulate than something decentralised like Bitcoin), making stablecoins less attractive for users.  After all, why compete with stablecoins when you can just make them obsolete?

Any CBDC is actually non-cash money of states. With their help, it is impossible to defeat bitcoin, like the entire cryptocurrency. Cryptocurrency compared to CBDC has a number of indisputable advantages, although it is not without its drawbacks. Therefore, the cryptocurrency will complement well the CBDC, there will be no more competition between them than between the cryptocurrency and any money that is issued by the state.

States have been issuing their own digital currency for a long time, some of them are already in circulation, but so far they are not of great practical importance in the financial world.

[DooMAD]

Cryptocurrency compared to CBDC has a number of indisputable advantages, although it is not without its drawbacks. Therefore, the cryptocurrency will complement well the CBDC, there will be no more competition between them than between the cryptocurrency and any money that is issued by the state.

Comparing Bitcoin and CBDCs, yes.  No contest for those of us who understand the benefits.

Comparing stablecoins and CBDCs...  Different story.  They're both cashless tokens.  But in terms of acceptance at retailers, one of them you will be able to spend everywhere, while the stablecoins will remain very limited in where they can actually be used.  Stablecoins don't have much other use.  When presented with the choice, it's difficult to imagine why anyone is going to continue using stablecoins.

And the kicker is still the potential for governments to reverse or block CBDC transactions sent to exchanges, so people may not be offered that choice for long.

[Inwestour]

They can make Britcoin but they can't beat Bitcoin. It is clear that you understand decentralization and one of the advantages of Bitcoin is this concept, while the UK is trying to make Britcoin centered it means they can be controlled and have no advantages. In theory the concept of technology development, countries that don't create CBDCs I think they are behind in technology and every country has to start thinking seriously about creating these, but the concept is not to beat Bitcoin but to provide easy transactions and payment options using it.

Each country will definitely create a CBDC and that is the custody of the previous fiat and is centralized in influence, so that the CBDC will be far different from the concept in bitcoin, no matter how forced it is, CBDC will operate not far from fiat and it's just that the concept is like digital.

CBDCs will also be created in any quantity that the state needs, which means that digital currencies will also be subject to inflation. The only difference will be that, unlike cash, CBDCs will be completely controlled, the central bank will see absolutely all your transactions.

If you could say with confidence about cash that it is yours money, then with CBDC it will be much more difficult, since most likely the bank will have constant access to it and they themselves will be able to write off money, say for an unpaid loan, or block your funds if necessary.

[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.

They can make Britcoin but they can't beat Bitcoin. It is clear that you understand decentralization and one of the advantages of Bitcoin is this concept, while the UK is trying to make Britcoin centered it means they can be controlled and have no advantages. In theory the concept of technology development, countries that don't create CBDCs I think they are behind in technology and every country has to start thinking seriously about creating these, but the concept is not to beat Bitcoin but to provide easy transactions and payment options using it.

Each country will definitely create a CBDC and that is the custody of the previous fiat and is centralized in influence, so that the CBDC will be far different from the concept in bitcoin, no matter how forced it is, CBDC will operate not far from fiat and it's just that the concept is like digital.

Bitcoin is not like Britcoin or any other CBDC because of where their respective centres of control are located. Bitcoin appeared as a decentralised option, with the promise of freedom from reliance on a single entity. CBDCs, on the other hand, are dependent upon and operated under a regulated monetary authority. The objective isn't to compete with Bitcoin, but rather to incorporate digital currencies' advantages into traditional financial infrastructures. It's like a smooth tango between old-school banking and cutting-edge tech. Bitcoin will always be appealing to a subset of the population, but CBDCs will serve those who value security and transparency more highly. Do you agree that the world of finance is like a big ballet of constant change?