CBDC vs CRYPTOCURRENCY

[FloridaKid]

With the emergence of cryptocurrencies came CBDC, which means Central bank digital currencies. These currencies are simply the digital version of their corresponding fiat.
Although CBDC also referred to as digital fiat currencies or digital base money is inspired by cryptocurrency, they are not to be confused with cryptocurrency as they are still issued and controlled by the government.
The real question is,
CAN THESE CBDC REPLACE CRYPTOCURRENCY IN THE COUNTRIES WHICH THEY ARE ISSUED?

We already have the answers, can CBDC gives you returns if you use them? The answer is no because CBDC is stable coin and equals to FIAT, I'm sure CBDC will meet same fate as Fiat currency cos it has no reason for adoption

Cryptocurrency = increase in value = increase in adoption
Stable coins = zero gains= storing value

As you can see crypto investment makes sense because they gives returns, it's something stable coins and CBDC can't offer

[tygeade]

All these central bank digital currencies, I do see them as a joke. Banks were talking bad about cryptocurrencies that are decentralized, now they are rushing to create their own cryptocurrencies and force people to make use of it.

Digital currencies that are being created by banks are still the same thing with the Fiat currencies that we are making use of; So what is the need of having it?

Or do they have plans to stop releasing paper money once they have released the digital currencies? They know very well that it is not going to be possible for us to stop making use of paper money, because there are people who are not interested in Internet or whatever that has to do with digital money.

People still like paper money , and I don’t think all these digital currencies by central banks are going to be able to defeat decentralized cryptocurrencies, bitcoin and other decentralized cryptocurrencies are stronger than whatever the central banks are dishing out.

[cabron]

With the emergence of cryptocurrencies came CBDC, which means Central bank digital currencies. These currencies are simply the digital version of their corresponding fiat.
Although CBDC also referred to as digital fiat currencies or digital base money is inspired by cryptocurrency, they are not to be confused with cryptocurrency as they are still issued and controlled by the government.
The real question is,
CAN THESE CBDC REPLACE CRYPTOCURRENCY IN THE COUNTRIES WHICH THEY ARE ISSUED?

We already have the answers, can CBDC gives you returns if you use them? The answer is no because CBDC is stable coin and equals to FIAT, I'm sure CBDC will meet same fate as Fiat currency cos it has no reason for adoption

Cryptocurrency = increase in value = increase in adoption
Stable coins = zero gains= storing value

As you can see crypto investment makes sense because they gives returns, it's something stable coins and CBDC can't offer

Since we had already established that CBDC is going to be used by banks and the government to still use the same system as before thru the CBDC, nothing still will change in the future but they may solve one thing like banking the unbanked which is probably their primary goal.

I have read the news today about VISA having an interoperability channel with CBDC. VISA and there's of its kind will work side by side with cryptocurrencies because they know they couldn't do anything to stop it.

[lienfaye]

CAN THESE CBDC REPLACE CRYPTOCURRENCY IN THE COUNTRIES WHICH THEY ARE ISSUED?

No. CBDC is the government's version of fiat and use by people in country's where it was issued but it doesnt mean it can replace cryptocurrency.

Crypto can be use as currency and investment because of the price fluctuation while CBDC has a stable price like fiat. Its just shows that even the government create their own digital currency it will have less impact on crypto because they're different and crypto has more edge aside from the opportunity of making money, its not controlled by anyone.

[Kyraishi]

Yes, cryptocurrencies are simply digital currencies that utilize some sort of cryptography.

As far as I know, all CBDCs or planned CBDCs have that element.

But whether or not they are decentralized is a totally different issue. This is the reason why we call XRP a crypto in spite of the fact that clearly it is more of a centralized company than something like bitcoin or ETH.

[Brus123]

With the emergence of cryptocurrencies came CBDC, which means Central bank digital currencies. These currencies are simply the digital version of their corresponding fiat.
Although CBDC also referred to as digital fiat currencies or digital base money is inspired by cryptocurrency, they are not to be confused with cryptocurrency as they are still issued and controlled by the government.
The real question is,
CAN THESE CBDC REPLACE CRYPTOCURRENCY IN THE COUNTRIES WHICH THEY ARE ISSUED?

I don't believe in any digital state currencies. They will still be controlled by the government. The main feature of digital money is decentralisation and uncontrollability from authorities, but digital euros, rubles, yuan will be under control, so it is the same as just non-cash money but on blockchain instead of bank account. I don't think that they will replace crypto until it is forbidden all over the world.

[kaseygriffin]

I see this as an opportunity for us to compete fairly and equally with countries around the world. Currency is an effective tool used by the government to manage the people. It is highly unlikely that the government will float or relinquish control of the currency. The Blockchain revolution has forced them to quickly adapt to cryptocurrencies, creating competing CBDCs to regain control. In other words, the release of CBDCs is now only a matter of time.

[Ozero]

With the emergence of cryptocurrencies came CBDC, which means Central bank digital currencies. These currencies are simply the digital version of their corresponding fiat.
Although CBDC also referred to as digital fiat currencies or digital base money is inspired by cryptocurrency, they are not to be confused with cryptocurrency as they are still issued and controlled by the government.
The real question is,
CAN THESE CBDC REPLACE CRYPTOCURRENCY IN THE COUNTRIES WHICH THEY ARE ISSUED?

In any case, states will try to do this. The government of China is now preparing to officially release its digitized yuan. To eliminate cryptocurrency as a possible competitor, they did not come up with anything better than to declare transactions in cryptocurrency illegal.
However, stable coins of states cannot replace cryptocurrencies, because they are only means of payment, and cryptocurrencies provide people with much greater opportunities, including the opportunity to earn money. Therefore, cryptocurrency will continue to evolve despite opposition from governments.

[Abiky]

With the emergence of cryptocurrencies came CBDC, which means Central bank digital currencies. These currencies are simply the digital version of their corresponding fiat.
Although CBDC also referred to as digital fiat currencies or digital base money is inspired by cryptocurrency, they are not to be confused with cryptocurrency as they are still issued and controlled by the government.
The real question is,
CAN THESE CBDC REPLACE CRYPTOCURRENCY IN THE COUNTRIES WHICH THEY ARE ISSUED?

CBDC is centralized whereas cryptocurrency is not. They cannot replace each other simply because they're different from the other. I'm pretty sure CBDCs will have the most adoption, since the world goes around Fiat these days. They're basically Fiat money but digitized for banks' and governments' own benefit. The end user will experience faster transactions and cheaper fees but that's it. Privacy and anonymity will be non-existent in a CBDC. At least, crypto will be there to save the day when people need it the most.

Instead of focusing which type of currency will replace the other, we should focus on making crypto land a better place. Only then, crypto could become a strong contender against the traditional monetary system empowered by central banks and governments alike. I'm fine with crypto being an alternative than a replacement of Fiat as long as it remains decentralized and censorship-resistant. Just my opinion