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Author Topic: Will digital dollar be a threat to bitcoin?  (Read 2478 times)
sunsilk
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September 22, 2022, 04:26:02 AM
 #41

No need to think about it being a threat. Bitcoin is volatile while digital dollar has a stable value. While we hold bitcoin, we're all for it until the price of it goes up.

While this digital dollar and others that have the same stagnant value, they'll be used mostly for purchase as it's guaranteed that there will be no volatility issues.

So, the difference of it from bitcoin is totally far and we can still use bitcoin the same as these digital dollar does. But, they can't be the same as bitcoin for being volatile.

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September 23, 2022, 12:31:01 AM
 #42

Just because Bitcoin was brought along within the discussion of the topic doesn't mean that it's going to be a threat to it. They're still both mediums that people can use, sure if Bitcoin was under the government then yes it might've been but it isn't, it's decentralized, so it can't kill or be killed imo. What digital dollar threatens is fiat though it's might be more apt to call it an upgrade/migration to a better system. Just imagine it as the world having their own currency (compared to a currency set by someone else for the world).

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September 23, 2022, 03:19:41 AM
 #43

The government have got broad plans, but on execution it won't get the expected results. The digital dollar from US is planned to function on the decentralised network eliminating the middleman and other bank process. The government fear of its financial situation.

For now dollar is considered the reserve and countries valuate their national currencies based on dollar holdings. This benefits the US government financially. If countries leave and starts holding their own digital currency, this will affect America's financial progress. For that purpose digital dollar is being developed and this doens't make any impact over bitcoin.

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September 23, 2022, 03:27:25 AM
 #44

A digital dollar is still just an inflationary fiat currency.

Then again, a digital dollar will make it easier to buy Bitcoin.

I hope we get digital dollars.
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September 23, 2022, 04:01:36 AM
 #45

I don't believe this is a threat to Bitcoin. Nothing happened when China banned Bitcoin and launch its digital currency. Rather it would be easier to convert into fiat once the exchange adds digital dollar or fiat. Then we don't need to run for paper money. And the blame for energy consumption isn't new anything.

I'm the same way, at least the dollar has never been a threat to bitcoin. And to be honest, I'd rather hold bitcoin and save it than dollars.
Then let's just talk real, the dollar is known all over the world as a major currency but the dollar has no backup, that's the truth and it only revolves around loans. That's the truth here.

Unlike bitcoin, while you hold it, the chances of its value increasing in the future are high. That's why right now a lot of people are buying it little by little to accumulate because of the belief that it will be 100k$ each when the bull market comes, that's for sure based on the analysis of veterans and experts in this industry.



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Kakmakr
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September 23, 2022, 05:28:27 AM
 #46

These so-called "GovCoins" are all centralized and they are just a digital copy of a failed Fiat currency that are being manipulated to suit the governments needs and goals.  Roll Eyes

The problem is that the average citizen does not understand the problem with centralized currencies that are manipulated by governments, so they will not care about it.

We need to educate people on the PROs and Cons of "GovCoins" vs real Crypto currencies, so that they can make informed decisions when they are offered a choice.  Wink

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September 23, 2022, 06:48:53 AM
 #47

because it is not centralized and Bitcoin has existed before the digital dollar, obviously Digital dollar is not a threat to bitcoin, because basically its essence is still original fiat only converted to digital, still managed by the government, CBDC will be recognized as a legal transaction tool, and that is what makes BTC a little weak , but it is not a serious threat, Bitcoin is a currency with volatility and Bitcoin remains the only reliable coin in terms of decentralization
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September 23, 2022, 07:20:33 AM
 #48

Since many people see Bitcoin as an investment or asset rather than a payment method that can compete with the established ones offered by centralized platforms, such as Visa and Mastercard, it will not pose a total threat to Bitcoin. Since this digital currency project by the US will probably make it easier for people to manage their finances, pay their bills, pay for their services, and track their credit scores, instead of centralization and possible surveillance for commercial and law enforcement purposes, digital dollars will probably be very success. among the average person who doesn't know about Bitcoin or cryptocurrencies in general. Those who wish to speculate on the value of Bitcoin will continue to have plenty of liquidity.
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September 23, 2022, 09:58:33 AM
 #49

It's definitely not a threat, it will take a lot of time for this to become part of the normal so as of now, it is just a small step towards figuring out how the public reacts to the digital dollar. The rest, we shall see.
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September 23, 2022, 01:00:18 PM
 #50

Bitcoin already has a place in the hearts of its users, I don't think they will leave after so long in the bitcoin environment. When the digital dollar was created, everyone would be looking for information on why there was such a policy. When they know that Bitcoin is one of the factors, they will surely find out more about Bitcoin (for people who don't know at all). This is an advantage in itself, because I believe that some of them will definitely be interested in bitcoin through the way the government has created it.
So this is not a threat, even those who initially did not know at all, will be literate towards bitcoin.

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September 23, 2022, 01:47:59 PM
 #51

I don't think it's a threat, it takes a very long process to be accepted by the wider community, even after 10 years there are still many rejections. if you look at its function, there is no effect at all because basically bitcoin is an investment not a means of payment like usd,

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Gyfts
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September 23, 2022, 03:52:08 PM
 #52

Isn't this question also for various other CBDCs?
We can see from the digital dollar function itself. is a legal tender. And became the benchmark currency in most countries in the world. But Bitcoin, this not only applies as a currency, but also has value and trust to be something worth investing in. While the dollar, no. This is what makes Bitcoin most likely not to be disturbed by the digital dollar.

Digitalized dollars are basically CBDC's. Idea is to get rid of paper based cash and force people to rely on a central authority for digitalized funds. It allows the central authority to revoke the funds at any time or disallow users to spend the funds (ie freeze accounts).

Bitcoin isn't inherently threatened by CBDC's because they don't operate the same. That being said, the indirect threat exists because government will never cease to act on an opportunity to regulate Bitcoin into the ground while propping up their own useless currencies riddled with inflation and inept central bank control

I'd be worried if I were you.

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September 23, 2022, 06:07:06 PM
 #53

What most people failed to understand is that CBDC in whatever currency is already existing and if you can just send a figure from your bank account to another account you are already using the digital form of that currency.

What makes the difference is that some CBDCs are run on the blockchain and have a wallet address instead of an n account number but aside from that, nothing differentiates it from the normal traditional dollars so I can't see it as a threat to Bitcoin in whatever way.
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September 23, 2022, 06:26:02 PM
 #54

Isn't this question also for various other CBDCs?
We can see from the digital dollar function itself. is a legal tender. And became the benchmark currency in most countries in the world. But Bitcoin, this not only applies as a currency, but also has value and trust to be something worth investing in. While the dollar, no. This is what makes Bitcoin most likely not to be disturbed by the digital dollar.

Digitalized dollars are basically CBDC's. Idea is to get rid of paper based cash and force people to rely on a central authority for digitalized funds. It allows the central authority to revoke the funds at any time or disallow users to spend the funds (ie freeze accounts).

Bitcoin isn't inherently threatened by CBDC's because they don't operate the same. That being said, the indirect threat exists because government will never cease to act on an opportunity to regulate Bitcoin into the ground while propping up their own useless currencies riddled with inflation and inept central bank control

I'd be worried if I were you.
CBDC is just one of the latest waves making headlines in most countries who don't want to fully accept crypto currency. Digital dollar is same as CBDC. Although, the idea of which it operates on shares a digital similarity with cryptocurrency, in that both ensures the user carries less cash around, can buy or sell through a digital device from anywhere in the world with an internet access, also one can easily convert currencies to suit demand. It is sure going to aid curb inflation, and reduce offline crime. However, more awareness need be created by recognized sponsors to expose scamming theatrics and provide online security for users who have been able to adopt CBDC fully.

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September 23, 2022, 06:31:40 PM
 #55

Digital dollar are not any threat to bitcoin. In fact, bitcoin can help in promoting digital dollar. Through bitcoin, we can realize the goal of cashless economy. For example, we can purchase online items through bitcoin, and the seller can easily get the digital dollars with low fee. This can make digital dollar successful.
Digital dollar can only be a stable currency and not the type of currency like Bitcoin. Bitcoin is volatile and always has the tendency to move upward and downwardly without been stuck in a particular price. Digital dollar can only be like the normal stable coins like the usdt and others that we have a stable currencies. I think investors will still value Bitcoin than any other coins we are going to have in the crypto market soon because it is still the major coin that controls the market and determines the price of other coins and tokens. It is a universal currency that can not be compete with in time.

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September 23, 2022, 08:31:07 PM
 #56

The digital dollar is proof of governments starting to panic about Bitcoin. They think if they make a trendy "crypto" out of their useless fiat then that somehow fixes the problems that fiat has. Namely centralization, verification and corruptibility. The governments and all the politicians do not truly understand why Bitcoin is as famous as it is. They think its all a PR bubble which has gone too far. This is exactly why the digital dollar, yen, euro, etc. will fail.

I enjoy watching them desperately try to invent a trendy new fiat to replace the same exact fiat. Bitcoin will definitely rise to the top and become the global money. Well, as long as the world still exists. Lets see if we don't nuke ourselves and Bitcoin out of existence

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September 23, 2022, 08:51:23 PM
 #57

The only reason if there is any, for digital dollar to be a threat to bitcoin will be it having characteristics (blockchain) features as that of bitcoin. Apart from that, I don't see it as a threat to bitcoin. The government will still control and own the digital dollar, which can be regulated and reversed, unlike bitcoin. The dollar is a worldwide currency that is used for various exchange purposes and cross-border payments, thus its digitization will benefit the government but will never pose a threat to bitcoin.

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September 23, 2022, 11:14:41 PM
 #58

The only reason if there is any, for digital dollar to be a threat to bitcoin will be it having characteristics (blockchain) features as that of bitcoin. Apart from that, I don't see it as a threat to bitcoin. The government will still control and own the digital dollar, which can be regulated and reversed, unlike bitcoin. The dollar is a worldwide currency that is used for various exchange purposes and cross-border payments, thus its digitization will benefit the government but will never pose a threat to bitcoin.
Indeed, although the dollar as a worldwide currency, this will not give a big impact on Bitcoin. However, as we know that this day is a digital world day. I mean that many more systems are operated digitally, yes, of course, the existence of a digital dollar cannot be ignored. The development of this digital era is very rapid, so it is possible that the digital dollar will also continue to grow rapidly. However, this again will not have much of an effect on Bitcoin. Because we ourselves know the function of each. The dollar, still centralized, is controlled by the government and the world bank. Whereas Bitcoin is not. This is what remains the attraction to Bitcoin. And what's more, Bitcoin is not only a means of payment but also a valuable investment tool.

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September 23, 2022, 11:41:08 PM
 #59

The only reason if there is any, for digital dollar to be a threat to bitcoin will be it having characteristics (blockchain) features as that of bitcoin. Apart from that, I don't see it as a threat to bitcoin. The government will still control and own the digital dollar, which can be regulated and reversed, unlike bitcoin. The dollar is a worldwide currency that is used for various exchange purposes and cross-border payments, thus its digitization will benefit the government but will never pose a threat to bitcoin.
As the digital dollar function over a decentralised network, it will have all features of a cryptocurrency. For some reason it is not the same as bitcoin, the entire control will be with the government.

The reason for which the digital dollar is being developed in a much faster phase is to keep dollar strong. Because countries might find ways to hold reserve in their own currencies which might affect dollar. So, it doesn't have anything to do with bitcoin and this development isn't gonna affect the progress of bitcoin.

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September 24, 2022, 03:13:12 AM
 #60

I think there will be some effects on Bitcoin value, as previously there was no major reliable currency to challenge Bitcoin a digital dollar will change that equation. However Bitcoin will remain the king of its own realm. Ie decentralised crypto. Moreover it will continue to be used as an investment by most of us.

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