Will digital dollar be a threat to bitcoin?

[Ziskinberg]

I'd see nothing like that OP.
People love the new technology where digitalization comes to a realization. Bitcoin is another form of digital currency, the same as digital dollars, but what do we call these ATMs? Are they still a threat to Bitcoin or vice versa? They are not killing each other which we can say was a threat but consider this an option and as an opportunity for all of us to live to have them. It was already been expected that the government will create their own digital currency but this never mean it theaten Bitcoin. They have their purpose and it remains as an alternative option other than paper money.

[1714754287]

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[Antonas1]

I think CBDC will be an electronic money only. Just to simplify transactions, cross-border payments, toll and parking payments, and taxes. There is no different with paper money except digital form. They say that CBDCs are safer than cryptocurrencies, but they use blockchain technology which has been the core of cryptocurrencies, and they are forgetting that nothing is safe in cyberspace.

[Doan9269]

I think CBDC will be an electronic money only. Just to simplify transactions, cross-border payments, toll and parking payments, and taxes

Nothing is being made simplified here as long as it is CBDC it is thesame fiat and you cannot compare fiat with bitcoin by any means, no transaction is simplified yet with CBDC, and why we left fiat was because of one of its major inconveniences on cross boarder transactions chaeges, scalability challenges, and many more, no body ehoy is into bitcoin will wanted to go back with the centralized financial institutions only to embrace KYC and regulations unfavourable to holders of the currency, this makes bitcoin serves the solution to what the people needs.

They say that CBDCs are safer than cryptocurrencies

This may applies to other cryptocurrencies often regarded as altcoins and not with bitcoin

but they use blockchain technology which has been the core of cryptocurrencies, and they are forgetting that nothing is safe in cyberspace.

If you never experience safety before with the cyber digital world then try and have an ex with bitcoin and see if your privacy, security, anonymity and many other relevant financial indications won't be meant and secured, don't bebtoo involved with fiat such that all your trust rely on them, if you ever had their bad experience then you will drastically effect a change in your decision and approach towards them.

[Antonas1]

I think CBDC will be an electronic money only. Just to simplify transactions, cross-border payments, toll and parking payments, and taxes

Nothing is being made simplified here as long as it is CBDC it is thesame fiat and you cannot compare fiat with bitcoin by any means, no transaction is simplified yet with CBDC, ~

The phrase "Just to simplify the transaction" it means to make easy the way they transact.

~

If you never experience safety before with the cyber digital world then try and have an ex with bitcoin and see if your privacy, security, anonymity and many other relevant financial indications won't be meant and secured, don't bebtoo involved with fiat such that all your trust rely on them, if you ever had their bad experience then you will drastically effect a change in your decision and approach towards them.

I think you misunderstood my answer (which you replied to). I don't think CBDC is better than Bitcoin or other cryptocurrency/altcoins,  I said CBDC can't be different with other electronic money. Please read it again.

[tjtonmoy]

Do you think with the level of civilization in the united states, that the digital dollar will be successful?

BTC is freedom. Decentralized and stealth. Many people who are engaged to BTC will never use something like Digital dollar issued by government. That will be centralized and with that you loose the freedom of what comes with BTC and also blockchain support.
Keeping your identity hidden and not share those are the key factor in BTC.
We will keep pushing until BTC becomes legalized all over the world. Digital dollar is nothing compare to BTC.
Wait for the day till it happens.

Personally i won't use this. I strongly prefer BTC

[lixer]

The economy is moving towards digitization. Digital dollar is just another way of digital payment. A lot of countries have released their own digital dollars. But they do not provide the benifits of Bitcoin. They  are not an asset, but just a storehouse of value..while Bitcoin is a free market asset.

Don't forget that bitcoin is also a currency other than being an asset. Digital dollar can be use an alternative to bitcoin in terms of currency use. They are stable and perfect for those who get annoyed in the volatility of btc when making a transaction. Digital dollar has their own value but they are not a store of value because they are not like btc which you can put more money in it.

The only problem with btc is that its value can sometimes dump hard but the real definition of store of value is that assets that don't depreciate in value. Btc can recover if given enough time, I think this is the reason why they insist that btc is a store of value.

[freedomgo]

I came across this on the news today, and I wonder if this will be a challenge to the growth of crypto in the united states with the government beginning to consider the digital dollar.

The White House is particularly targeting the proof-of-work transaction-validation process used by many blockchains, including bitcoin. This mechanism consumes huge amounts of energy because it requires a lot of computing power.

And with everything else, the administration is pushing for a digital dollar, a kind of digital twin of the dollar, at a time when China has taken a step ahead on this issue

Read here
Do you think with the level of civilization in the united states, that the digital dollar will be successful?

It will not be a threat to bitcoin because bitcoin is not  not competing with dollar, but I believe some countries are affraid to adopt bitcoin because of the dominant nature of it. The digital dollar will make things easier for bitcoin users because it will make transaction more easily. Many countries have already launched or created digital currency but most of them are not working. Citizens are not even using them to do any transaction. So they become redundant in the ecosystem. The existence of the digital dollar will be achieved but the different is always clear. Dollar is centralized system of service while bitcoin has a decentralized system of operation so there are of different uses.  
Like the Nigerian Enaira, since when it was launched I have not even open the app to see how it works but I only heard that there is Enaira but I am not using it. This case might different from dollar because dollar. But the number of users of bitcoin will still supersede dollar.

Yes, I do agree with you on this. Bitcoin has never in competition with any currency out there even if each respective countries will launch their own digital currencies, bitcoin will still be alive and growing because of its utilities, and most of all, people will still seek bitcoin because it is decentralized. I believe bitcoin is more of a threat to the US dollar than the other way around.

[Maidak]

Do you think with the level of civilization in the united states, that the digital dollar will be successful?

BTC is freedom. Decentralized and stealth. Many people who are engaged to BTC will never use something like Digital dollar issued by government. That will be centralized and with that you loose the freedom of what comes with BTC and also blockchain support.
Keeping your identity hidden and not share those are the key factor in BTC.
We will keep pushing until BTC becomes legalized all over the world. Digital dollar is nothing compare to BTC.
Wait for the day till it happens.

Personally i won't use this. I strongly prefer BTC

Digital dollars are no different from today's dollars, they are basically centralized and controlled by the government, they just differ in how they are used. If you are using paper dollars for daily use then your use of digital dollars will remain the same and nothing will change. Bitcoin and digital dollars don't have any competition here, don't get confused. Bitcoin legalization is up to the government, not us, if they see it as a real threat then I think the chances of continuing to use it are slim. So don't put both on the scale when both are usable and exist in parallel.

[Hamza2424]

First of all, i can't understand the term you called digital dollar as is it mean the USDT or something else or its USD? There is nothing here which can be a threat to the BTC dominance I heard a very well know proverb as strong the USD is going to be, the future for the BTC is going to be that brighter. I would be great if all of the USD capital is converted into BTC imagine the BTC worth ...

[Odusko]

First of all, i can't understand the term you called digital dollar as is it mean the USDT or something else or its USD? There is nothing here which can be a threat to the BTC dominance I heard a very well know proverb as strong the USD is going to be, the future for the BTC is going to be that brighter. It would be great if all of the USD capital is converted into BTC imagine the BTC worth ...

I was also confused with the word used there, but I think what ops mean is United state government approved CBDC which will represent the united state dollar on the blockchain.
But if you will also recall, it has always been that most of the CBDCs are not run on the blockchain because of that. CBDC becomes highly centralized and with loads of limitations to its functionality and is subject to inflation.

[Abiky]

Right mate. Visa, Mastercard, and there's Paypal and the online industry is becoming a norm with stores like Amazon and eBay becoming huge but we haven't heard of any governments creating CBDCs. CBDCs only came up serious when Bitcoin and some of the top altcoins like Ethereum became big from millions to billions and then they just continue to grow bigger reaching into a trillion-dollar industry. Governments and banks tried to stop the growth of Bitcoin before but to no avail. Big companies are starting to realize the value and potential and they are also starting to adopt. So someone tells us if Bitcoin is not a threat to this old inflationary centralized monetary system?

Bitcoin leads to the creation of CBDCs. And you're right mate, CBDCs can remain as primary currencies in this growing digital world but they also exposed their citizens to Bitcoin and crypto. Sooner or later, more and more people realized the importance of privacy and most especially the limited supply of Bitcoin compared to the unlimited fiat supply. The weakening of the US dollar's influence on the world market due to Chinese competition and the current arms race and mobilizations lead people to just select a decentralized currency like Bitcoin since it is not directly affected by politics.

Bitcoin is what has forced governments to explore the creation of "Central Bank Digital Currencies" (CBDCs for short). If it wasn't because of Bitcoin, CBDCs wouldn't have passed through the minds of government officials and bankers alike. The reason why they're doing this is because they're afraid Bitcoin will displace the USD or any other national currency, due to its decentralized and censorship-resistant design. You can bet people would've completely abandoned Fiat in favor of Bitcoin as digital payments are faster, cheaper, and more friendly to the environment than just printing paper money.

Now that governments have decided to go ahead with the launch of CBDCs, they will be able to be remain at a competitive level against Bitcoin. National digital currencies won't pose a direct threat against Bitcoin, simply because they're centralized by design. What they will do is increase adoption of crypto/Blockchain tech as people become more digitally-native. The US Digital Dollar isn't even under development (as far as I know), so we have plenty of time to enjoy paper money while it lasts. Just my opinion

[harapan]

Right mate. Visa, Mastercard, and there's Paypal and the online industry is becoming a norm with stores like Amazon and eBay becoming huge but we haven't heard of any governments creating CBDCs. CBDCs only came up serious when Bitcoin and some of the top altcoins like Ethereum became big from millions to billions and then they just continue to grow bigger reaching into a trillion-dollar industry. Governments and banks tried to stop the growth of Bitcoin before but to no avail. Big companies are starting to realize the value and potential and they are also starting to adopt. So someone tells us if Bitcoin is not a threat to this old inflationary centralized monetary system?

Bitcoin leads to the creation of CBDCs. And you're right mate, CBDCs can remain as primary currencies in this growing digital world but they also exposed their citizens to Bitcoin and crypto. Sooner or later, more and more people realized the importance of privacy and most especially the limited supply of Bitcoin compared to the unlimited fiat supply. The weakening of the US dollar's influence on the world market due to Chinese competition and the current arms race and mobilizations lead people to just select a decentralized currency like Bitcoin since it is not directly affected by politics.

Bitcoin is what has forced governments to explore the creation of "Central Bank Digital Currencies" (CBDCs for short). If it wasn't because of Bitcoin, CBDCs wouldn't have passed through the minds of government officials and bankers alike. The reason why they're doing this is because they're afraid Bitcoin will displace the USD or any other national currency, due to its decentralized and censorship-resistant design. You can bet people would've completely abandoned Fiat in favor of Bitcoin as digital payments are faster, cheaper, and more friendly to the environment than just printing paper money.

Now that governments have decided to go ahead with the launch of CBDCs, they will be able to be remain at a competitive level against Bitcoin. National digital currencies won't pose a direct threat against Bitcoin, simply because they're centralized by design. What they will do is increase adoption of crypto/Blockchain tech as people become more digitally-native. The US Digital Dollar isn't even under development (as far as I know), so we have plenty of time to enjoy paper money while it lasts. Just my opinion

So what difference between the physical money and digital dollar, there is no difference between them if you check, they are both controlled by government and also regulated by government.they determine the total number you can hold and also get at a particular time is that what bitcoin does, no. Bitcoin gives you a chance to send Bitcoin to a user in another country but the digital dollar can only be used in places where they bare also accepted. The dollar won't be an hindrance to Bitcoin it is just that people are too dull to do research on the person benefits bitcoin give's and the bad sides of what digital dollar give's them, all they care is to have money to solve problems for themselves.

[tygeade]

Visa, Mastercard, and there's Paypal and the online industry is becoming a norm with stores like Amazon and eBay becoming huge but we haven't heard of any governments creating CBDCs. CBDCs only came up serious when Bitcoin and some of the top altcoins like Ethereum became big from millions to billions and then they just continue to grow bigger reaching into a trillion-dollar industry. Governments and banks tried to stop the growth of Bitcoin before but to no avail. Big companies are starting to realize the value and potential and they are also starting to adopt. So someone tells us if Bitcoin is not a threat to this old inflationary centralized monetary system?

I believe that it wasn't a big thing because there wasn't a technology behind it until now, there is one now called blockchain. Visa and Mastercard and Paypal did not use a technology that was unavailable, they used one that was already there, which is servers, and they believed that they could definitely store it safer than anyone else and allowed people to use it, governments could 100% replicate what they have done, they just didn't want to take that risk of servers getting hacked or any other trouble. Meanwhile, blockchain is a new technology and that is why it's definitely much better, and that is why governments are looking into it a lot more now.

[GonnaGrinditout]

The banking system is behind most of the cryptocurrencies. They want to familiarize us with crypto, it is the first step to make us accept the CBDCs, which was always the plan. I already hear many crypto libertarians saying:  "I use USDT because it's more convenient, the value is stable" 

[Abiky]

The banking system is behind most of the cryptocurrencies. They want to familiarize us with crypto, it is the first step to make us accept the CBDCs, which was always the plan. I already hear many crypto libertarians saying:  "I use USDT because it's more convenient, the value is stable" 

You really think banks are behind crypto? If they were behind crypto, they wouldn't had been against it in the first place. Their response of launching CBDCs of their own, tells us they're afraid Bitcoin will take over the mainstream economy. If they don't do the move, people will simply abandon Fiat for Bitcoin. With the introduction of CBDCs like the Digital Dollar and the Digital Euro, banks will be able to stay in power for a little while.

In fact, CBDCs will give banks and governments more power than usual as they will be able to have a full scope of people's finances. Every transaction will be visible on a digital ledger only they can control. They can't do that with traditional paper money, though. For the end user, the Digital Dollar would work almost exactly the same as credit/debit cards. The person won't notice any difference at all (except banks). Bitcoin's been going strong since day one, so it's likely it'll live alongside the US Digital Dollar for generations. Just my thoughts

[GonnaGrinditout]

The banking system is behind most of the cryptocurrencies. They want to familiarize us with crypto, it is the first step to make us accept the CBDCs, which was always the plan. I already hear many crypto libertarians saying:  "I use USDT because it's more convenient, the value is stable" 

You really think banks are behind crypto? If they were behind crypto, they wouldn't had been against it in the first place. Their response of launching CBDCs of their own, tells us they're afraid Bitcoin will take over the mainstream economy. If they don't do the move, people will simply abandon Fiat for Bitcoin. With the introduction of CBDCs like the Digital Dollar and the Digital Euro, banks will be able to stay in power for a little while.

In fact, CBDCs will give banks and governments more power than usual as they will be able to have a full scope of people's finances. Every transaction will be visible on a digital ledger only they can control. They can't do that with traditional paper money, though. For the end user, the Digital Dollar would work almost exactly the same as credit/debit cards. The person won't notice any difference at all (except banks). Bitcoin's been going strong since day one, so it's likely it'll live alongside the US Digital Dollar for generations. Just my thoughts

Bitcoin is a dream currency for law enforcement. You can trace everything on the blockchain and forever. CBDCs won't change anything in this regard.

[cr1776]

...
Do you think with the level of civilization in the united states, that the digital dollar will be successful?

If you like a centralized, reversible, censorable, seizable, non-pseudoanonymous, inflationary currency who's value is set by whim, then the digital dollar will succeed.  

If you want to preserve your wealth and freedom, then you won't view bitcoin and the digital dollar as anything similar except that they both are "digital".

[CryptoHeadlineNews]

The banking system is behind most of the cryptocurrencies. They want to familiarize us with crypto, it is the first step to make us accept the CBDCs, which was always the plan. I already hear many crypto libertarians saying:  "I use USDT because it's more convenient, the value is stable" 

I guess you are totally wrong on this statement of yours, because the banking system has never been behind any cryptocurrency, nor owned any cryptocurrency. But if what you meant is that banks are behind all Central Bank Digital Currency "CBDC" just like the digital rupee & E-naira, then it's agreeable, because there is a huge difference between these two.
CBDC are the digital form of a nation currency built on the blockchain to enable easy transaction, controlled by its central bank and the government. And secondly,  USDT is not a CBDS but a stable cryptocurrency pegged to the American digital dollar

[Casdinyard]

Both have different use-cases so I don't think Digital Dollar will be a threat to bitcoin or vice versa. Bitcoin caters to the ones who want to save their money from inflation and/or are looking for peerless transaction across countries and borders with minimal to no trouble. Digital Dollar I suppose will be exclusively used as a form of online payment much like how digital payments are made today, only except you may need to top up or something in order to get a hold of it.

The banking system is behind most of the cryptocurrencies. They want to familiarize us with crypto, it is the first step to make us accept the CBDCs, which was always the plan. I already hear many crypto libertarians saying:  "I use USDT because it's more convenient, the value is stable" 

I guess you are totally wrong on this statement of yours, because the banking system has never been behind any cryptocurrency, nor owned any cryptocurrency. But if what you meant is that banks are behind all Central Bank Digital Currency "CBDC" just like the digital rupee & E-naira, then it's agreeable, because there is a huge difference between these two.
CBDC are the digital form of a nation currency built on the blockchain to enable easy transaction, controlled by its central bank and the government. And secondly,  USDT is not a CBDS but a stable cryptocurrency pegged to the American digital dollar

Matey couldn't be any farther from the truth. Most cryptocurrencies in the market aren't regulated by any central authority which is why some superpowers like China are opposed against usage of it. And even if they do want to familiarize us with crypto because they are behind it in the first place, I don't see the point of creating another currency instead of just backing the biggest cryptocurrency in the market right now.

[roslinpl]

Some people was using USDT,when the market was started to reduce the value.Bitcoin is the best crypto currency in the market.Now the market pump back to 20k dollars.This prove the legitimate of bitcoin while compared to other crypto currency.When the bitcoin price was started to increase,you should not do immediate transaction to Usdt.Instead you should wait till the maximum rise in the price of bitcoin and convert when the bitcoin started to dump again.