Just my own thoughts

[arwin100]

Bitcoin is fully decentralized which is why I think it doesn't have to compete with Fiat at all, those who needs the decentralized idea should just keep using BTC as it is, we all know that CBDC will run on the blockchain too but in centralised form so where thus this leave Bitcoin?

It's been stated in the past that bitcoin is only an alternative currency, even if it will grow its adoption, there's no way it will replace fiat which is widely used by the people unless the government will give way to crypto by legalizing and adopting it which I think is impossible as they will lose their control on a centralized currency.

Decentralized currency provides privacy but it will never kill the centralized currency, not even in my dreams.

People should stick into that idea or simply the reality because it cant happen no matter what and as long government do exist then they would really be doing their best for this thing not
to happen and there's no way that decentralization would really take place or be the main stream.We cant really deny that having central authority do really make things in order
and imagine if there are no one who do take authority then i couldnt imagine on how we do deal up with things.?

People are just living on unrealistic fantasies that's why they produce that imagination where its hard to digest on reality. Since if of government will give a verdict to that for sure crypto will never be the first option to that, people should be more realistic since there are so many digital ways to transact money now and I believe in digital era for sure government will create its own currency and bitcoin will became the same and it will remain as second option currency.

[1715422069]

1715422069

[Oceat]

Bitcoin is fully decentralized which is why I think it doesn't have to compete with Fiat at all, those who needs the decentralized idea should just keep using BTC as it is, we all know that CBDC will run on the blockchain too but in centralised form so where thus this leave Bitcoin?

It's been stated in the past that bitcoin is only an alternative currency, even if it will grow its adoption, there's no way it will replace fiat which is widely used by the people unless the government will give way to crypto by legalizing and adopting it which I think is impossible as they will lose their control on a centralized currency.

Decentralized currency provides privacy but it will never kill the centralized currency, not even in my dreams.

People should stick into that idea or simply the reality because it cant happen no matter what and as long government do exist then they would really be doing their best for this thing not
to happen and there's no way that decentralization would really take place or be the main stream.We cant really deny that having central authority do really make things in order
and imagine if there are no one who do take authority then i couldnt imagine on how we do deal up with things.?

People are just living on unrealistic fantasies that's why they produce that imagination where its hard to digest on reality. Since if of government will give a verdict to that for sure crypto will never be the first option to that, people should be more realistic since there are so many digital ways to transact money now and I believe in digital era for sure government will create its own currency and bitcoin will became the same and it will remain as second option currency.

And that is why Satoshi created Bitcoin because of that... It is to counter the centralization of the government using fiat and now they created CBDC which is not a different to any other altcoins and it is a centralized one as usual. Imagine how much more they can create just to counter the usage of Bitcoin?

It's really up to most people to whatever they want to use since not everyone could use Bitcoin or digital currency.

[SirLancelot]

Bitcoin is fully decentralized which is why I think it doesn't have to compete with Fiat at all, those who needs the decentralized idea should just keep using BTC as it is, we all know that CBDC will run on the blockchain too but in centralised form so where thus this leave Bitcoin?

But who says that this two are competing with each other? It is only our imagination that we think they are because both of them are currencies that have advantages and disadvantages with each other but if we take a close look, both currencies are not on the same platform. Bitcoin is pseudo anonymous but there are cryptos that are and the people that use them are sometimes uses a fiat too. You cannot stop them from doing what they want. They use multiple currencies because that makes their lives more easier and they do not think that one of the currencies are better than the other.

[Fesatmas]

Bitcoin is fully decentralized which is why I think it doesn't have to compete with Fiat at all, those who needs the decentralized idea should just keep using BTC as it is, we all know that CBDC will run on the blockchain too but in centralised form so where thus this leave Bitcoin?

But who says that this two are competing with each other? It is only our imagination that we think they are because both of them are currencies that have advantages and disadvantages with each other but if we take a close look, both currencies are not on the same platform. Bitcoin is pseudo anonymous but there are cryptos that are and the people that use them are sometimes uses a fiat too. You cannot stop them from doing what they want. They use multiple currencies because that makes their lives more easier and they do not think that one of the currencies are better than the other.

More precisely it will clash and will not be allowed to coexist. bitcoin will always be talked about as the enemy either from the side of the CBDC or vice versa. There are two sides that keep trying to clash the perceptions until it is difficult to decide. It's left to users who don't feel the site is all a threat or as a form of provocation. The government designing CBDCs is also inseparable from the Blockchain system, which means that it has an agreement to be circulated digitally. It was the jealousy of Bitcoin that weighed on the government to launch a CBDC.

[kaya11]

Bitcoin is fully decentralized which is why I think it doesn't have to compete with Fiat at all, those who needs the decentralized idea should just keep using BTC as it is, we all know that CBDC will run on the blockchain too but in centralised form so where thus this leave Bitcoin?

Bitcoin will remain on it's usual place, a decentralized alternative which is high in volatility. Fiat whether digital or not will be used as it is and bitcoin cannot replace it in this moment, I don't know when but as far as I could see Bitcoin's purpose was not P2P transactions anymore, it is held by giant investors. Rather competing in fiat is on par with other known things with value like gold, silver, oil etc.

[Accardo]

On a simple explanation, they are ways of boosting the publicity of bitcoin just like the comparison technique used by bitcoin users. If bitcoin is not compared to fiat so many people will not know about bitcoin. Traders and investors can be having such conversion. Other people who are not into cryptocurrency are anxious to know the asset that wants to replace Fiat. That's marketing. But, the CBDC cannot be compared to bitcoin because they have different use cases. CBDC takes the Central bank to a digital world where citizens can access and make transactions out of it. Many countries have failed to build their own digital currency. From my own thoughts, the digital currency is not far from online banking.

[Fivestar4everMVP]

Bitcoin is fully decentralized which is why I think it doesn't have to compete with Fiat at all, those who needs the decentralized idea should just keep using BTC as it is, we all know that CBDC will run on the blockchain too but in centralised form so where thus this leave Bitcoin?

Like some members have said here, most people using bitcoin today are not actually doing so due to its decentralized nature, they are using it for the value it brings, that's the money they are making from its depreciative and appreciative price nature.
CBDC on the other hand is a centralized fiat currency, which means it's no different from the fiats currencies we have today, we all know what fiat currencies do, and that is depreciate, this means CBDC will still depreciate like every other fiat currencies out there, so clearly, it has no place to compete with bitcoin.

[michellee]

Bitcoin is fully decentralized which is why I think it doesn't have to compete with Fiat at all, those who needs the decentralized idea should just keep using BTC as it is, we all know that CBDC will run on the blockchain too but in centralised form so where thus this leave Bitcoin?

Like some members have said here, most people using bitcoin today are not actually doing so due to its decentralized nature, they are using it for the value it brings, that's the money they are making from its depreciative and appreciative price nature.
CBDC on the other hand is a centralized fiat currency, which means it's no different from the fiats currencies we have today, we all know what fiat currencies do, and that is depreciate, this means CBDC will still depreciate like every other fiat currencies out there, so clearly, it has no place to compete with bitcoin.

Indeed. We use bitcoin because we want to make a profit in fiat and many of us are trying hard to make money from bitcoin. Bitcoin is promising to us but unfortunately, people do not realize this chance. If they see this chance, I am sure they will let them miss instead of following our way to make money, especially because many of them are hard to survive from this pandemic. It can be their new way to have a new source of income if they can use bitcoin properly. CBDC can run on the blockchain but that does not mean it will pass bitcoin but we will see it later.

[fiulpro]

Bitcoin is fully decentralized which is why I think it doesn't have to compete with Fiat at all, those who needs the decentralized idea should just keep using BTC as it is, we all know that CBDC will run on the blockchain too but in centralised form so where thus this leave Bitcoin?

As you said yourself CBDC'S would not be decentralized which does mean that at the end of the day people would soon realize that it's nothing but fiat in a different form. I do not think that people would be getting some tax incentives from that as well. Bitcoins as a whole is a fully functional system which is not biased or even controlled by any government. Sums up all the benefits here. We need bitcoins because the government is too fragile to be in the limelight. At the end of the day Blockchain is extending everywhere and also the government will try and ban other cryptocurrencies to channel that traffic to their new CBDC's but people must be wise, that's just fiat2.0.

[Silberman]

Bitcoin is fully decentralized which is why I think it doesn't have to compete with Fiat at all, those who needs the decentralized idea should just keep using BTC as it is, we all know that CBDC will run on the blockchain too but in centralised form so where thus this leave Bitcoin?

Bitcoin wasn't really really created on the first place for the sake of beating up fiat and replace it but Satoshi did really have that goal on having a decentralized payment system which there's no 3rd party

involve and it is just people who do really love to say up things about replacing fiat or something which is way too overextent or being too optimistic and we know that this cant be possible.

Lets just deal off with things on what we are currently seeing now and not anticipating into those things which wont happen.

This is the truth, bitcoin was supposed to become an alternative, now the scenario of bitcoin replacing fiat is possible, it is just not very likely, however that is not really necessary for bitcoin to reach its goals, on the other hand the governments are completely dedicated to try to destroy bitcoin, right now they are aiming regulations at bitcoin as if they have accepted its existence but that is just because they cannot destroy it, if they had a way to do so then we can be sure that they would have already done so.

[uneng]

There is a natural competition between bitcoin and fiat, as both are tools to fulfill the same objectives. If you use fiat for a purchase, bitcoin is being left aside, so it's losing territory, what makes fiat stay ahead on this competition. And the opposite also happens. That is, when someone adopts btc and replaces their investments and payments made with fiat previously for bitcoin currency.
It's inevitable this concurrence for hegemony and influence exist in the financial world between fiat and cryptocurrencies. And that is one good reason to explain why many governments' regulators are terrified by bitcoin potential.

[adzino]

Bitcoin is fully decentralized which is why I think it doesn't have to compete with Fiat at all, those who needs the decentralized idea should just keep using BTC as it is, we all know that CBDC will run on the blockchain too but in centralised form so where thus this leave Bitcoin?

It doesn't have to compete with fiat. And I don't think we need bitcoin to replace fiat currency. They can both be used along side without any issue. Central bank digital currencies will run on blockchain too, but yeah, you are right. It will be centralized just like fiat currency. There is no difference with the fiat and the blockchain version of the coin. Both are under the control of the government and the government can do anything they want with the currency. Add more to the supply if they want. But bitcoin is decentralized, and is completely different from those CBDC. People still will be using bitcoin like they are now.

[lixer]

There is a natural competition between bitcoin and fiat, as both are tools to fulfill the same objectives. If you use fiat for a purchase, bitcoin is being left aside, so it's losing territory, what makes fiat stay ahead on this competition. And the opposite also happens. That is, when someone adopts btc and replaces their investments and payments made with fiat previously for bitcoin currency.
It's inevitable this concurrence for hegemony and influence exist in the financial world between fiat and cryptocurrencies. And that is one good reason to explain why many governments' regulators are terrified by bitcoin potential.

That is not the case for me, when it comes to making use of Bitcoin and Fiat I make use of both in positions where I feel they are going to be more useful. For my daily transaction I mostly make use of the Fiat, but when it comes to international transactions, that is when I start to consider making use of crypto currencies.

Because, making use of cryptocurrency for an international transaction means that it would be fast and also have less cost than when I am making use of Fiat or having to go to the bank to fill out lots of papers and pay high fees and also wait for days before the transaction arrives to where I’m sending it to. so it’s up to you the user, there is no competition involved, whatever you feel is best for you that’s what you should do.

[ethereumhunter]

Bitcoin is fully decentralized which is why I think it doesn't have to compete with Fiat at all, those who needs the decentralized idea should just keep using BTC as it is, we all know that CBDC will run on the blockchain too but in centralised form so where thus this leave Bitcoin?

I would prefer to see BTC and fiat work together to have more options. People will not think much about that, whether bitcoin or fiat because what they need is something they can use to pay for something. That will be better if BTC is accepted in the country. So people will not just use their BTC for the investment, but they can also use BTC for the payment system.

But I do not think much about that because that will depend on how the government deals with it.

[TheUltraElite]

Bitcoin is fully decentralized which is why I think it doesn't have to compete with Fiat at all, those who needs the decentralized idea should just keep using BTC as it is, we all know that CBDC will run on the blockchain too but in centralised form so where thus this leave Bitcoin?

The point has never been to abandon fiat and move to bitcoin or vice versa but to bring Bitcoin to the bigger public from a niche cult status.

Bitcoin and fiat can stay different but their use has their own pros and cons. Whether CDBC is going to be centralized or not is not important at this stage but will be when governments start sponsoring it. It would be worth watching is common people will accept the centralized version more than bitcoin, which I assume would be the case and the narrative of some governments.

[Vatimins]

Bitcoin is fully decentralized which is why I think it doesn't have to compete with Fiat at all, those who needs the decentralized idea should just keep using BTC as it is, we all know that CBDC will run on the blockchain too but in centralised form so where thus this leave Bitcoin?

     Both fiat and bitcoin (or any other crypto currency) have their own respective usecases along with all the positive and negative properties (traits) that make them unique and vital for this world. Can we live without any of these? Of course, but we just choose not to since it will he a hassle. Man has invented a wide variety of things just to make life easier so it just makes sense that we want the life that gives us less hassle. But going back, people have different perspectives, needs and wants and so, let us just respect that and not turn something simple into something complicated (comparing which is better than the other).

[batang_bitcoin]

If you use fiat for a purchase, bitcoin is being left aside, so it's losing territory, what makes fiat stay ahead on this competition.

I don't think like that. Bitcoin isn't losing territory because there is nothing to lose on its side. There's no competition for the two as bitcoin is differently categorized unlike with fiat, it is as is just as what we're using it for purchases. With bitcoin, it's not just for purchases but it has become an asset that we've been holding and almost don't want to spend it for anything that we want. It has come to the point that it is the one gaining territory and making people that have thought of it that there's nothing special on bitcoin started to think that they've regret of ignoring it long time ago.

[FanEagle]

Bitcoin is fully decentralized which is why I think it doesn't have to compete with Fiat at all, those who needs the decentralized idea should just keep using BTC as it is, we all know that CBDC will run on the blockchain too but in centralised form so where thus this leave Bitcoin?

Like you have said, both are different, those who wishes to make use of a decentralized currency would continue making use of Bitcoin, and those who likes Fiat or feels like making use of the central bank’s digital currency would go for what it offers them.

Between CBDC and Bitcoin, I would say that the central bank digital currency even has a lesser chance of survival than Bitcoin. Bitcoin would continue no matter what, but all these digital currencies that are being released by central banks might not be heading to anywhere at all, because so far most of them that I have seen  are not really a success. So, they are not a threat to Bitcoin at all.

[Oasisman]

Bitcoin is fully decentralized which is why I think it doesn't have to compete with Fiat at all, those who needs the decentralized idea should just keep using BTC as it is, we all know that CBDC will run on the blockchain too but in centralised form so where thus this leave Bitcoin?

But who says that this two are competing with each other? It is only our imagination that we think they are because both of them are currencies that have advantages and disadvantages with each other but if we take a close look, both currencies are not on the same platform.

There were actually some people here who thinks Bitcoin will outstand the fiat currency in the future. You can find several post from before and it sparks  a huge debate on that thread.
Some people are just overwhelmed how Bitcoin has no boundaries and can be transacted internationally without the use of third party services, not to mentioned Bitcoin is also a currency. However, physical money cannot and will not gonna be phased out ever. Cryptocurrency and fiat currency could co exist as an alternative not as a competition.

[Reid]

Acceptance as being a currency was always the issue with Bitcoin, just a few merchants accepts it as payment options which is why it became more of an asset. CBDC on the other hand is like an online fiat. That's it. What's the difference? Now, people don't need to go the bank and deposit to buy Bitcoin, they can do it directly using CBDC. I guess they just sliced that little effort of human to take a walk to the bank.