Will digital dollar be a threat to bitcoin?

[Twentyonepaylots]

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?

Since many individuals view Bitcoin as an investment or asset rather than a payment method that can compete with the established ones offered by centralized platforms, like Visa and Mastercard, it won't be a complete threat to Bitcoin. As an investment and tradable asset, Bitcoin will continue to have high liquidation. It is also important to note that businesses that take Bitcoin do so because they believe in the concept of a decentralized means of exchange.

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[amihada]

Bitcoin is not affected by other alcoins including digital dollars, meaning I always see the bitcoin market as a benchmark for other alcoin prices, for example when the price of bitcoin goes down, the price of alcoin will also go down and vice versa.

[Abiky]

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".

Most people won't get out of the "Digital Dollar" because of convenience. After all, we cannot deny the fact that the USD has greater adoption worldwide than Bitcoin itself. I don't think that the US Dollar would pose a direct threat to Bitcoin after it becomes fully digital. On the contrary, it will benefit Bitcoin as more people will become aware of digital payments. The US government could decide to launch a new CBDC from scratch or simply use an existing stablecoin like USDC or USDT (Tether).

I think the "Digital Dollar" would be worse than its predecessor (US Dollars in physical form), simply because it will strip away people's privacy and freedom. Every transaction you make with the "Digital Dollar" would be publicly visible by both the government and the FED. Bitcoin transactions are also visible, but public addresses aren't directly linked to your identity. If you're careful enough to prevent exposing your identity, then Bitcoin does wonders in protecting your privacy and financial freedom. The US Digital Dollar hasn't even materialized yet, so we have plenty of time to enjoy paper money while it lasts. Just my opinion

[flareonbtc]

Bitcoin and US Digital dollars should go hand in hand. There's lots of companies using both digital balances like Paypal (https://paypal.com/), Square (https://squareup.com), and Poof (https://www.poof.io/) already to accept both fiat payments and crypto payments alike.

As I see it, the more payment methods, the merrier. If anything Bitcoin would be a threat to the US Digital dollar.

[serjent05]

Digital dollar will not be a threat to btc. No digital currency can be a threat to Btc because has been there for long and also because of the number of investors around the world not just from a country.

Instead, we may say Bitcoin is a threat to the dollar in the eye of the government.  Since many people are blindly jumping onto the bandwagon, some governments take it negatively.  So if we are talking about threat to Bitcoin, I believe it is the government and financial institution that is a threat to Bitcoin.

Bitcoin is not affected by other alcoins including digital dollars, meaning I always see the bitcoin market as a benchmark for other alcoin prices, for example when the price of bitcoin goes down, the price of alcoin will also go down and vice versa.

True, Bitcoin is still promulgating despite the availability of digital money in every country so I think the digital dollar makes no difference.  It won't have any effect on the Bitcoin ecosystem.

[goldkingcoiner]

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?

The digital dollar is not even a threat to the paper dollar. If anything the paper dollar has less disadvantages and more advantages than the digital fiat version. I really hope all these digital government control traps are going to crash and burn at the moment of introduction. The only reason they exist is to take away more freedom from the people and put everyone under a bigger surveillance system. But since Bitcoin has come into existence, I am not worried.

Hell, any cryptocurrency is better than fiat, to be honest.

Worst case scenario we will have to openly rebel against the government on the streets if they oppress us to the point of making any crypto ownership illegal/difficult.

[darkangel11]

The digital dollar is not even a threat to the paper dollar. If anything the paper dollar has less disadvantages and more advantages than the digital fiat version. I really hope all these digital government control traps are going to crash and burn at the moment of introduction. The only reason they exist is to take away more freedom from the people and put everyone under a bigger surveillance system. But since Bitcoin has come into existence, I am not worried.

I cannot agree. Digital dollar and other CBDCs are made to replace paper money. They aren't a threat to normal currencies but they're made to stop the production and use of cash.
Maybe you haven't noticed but the World Economic Forum is pushing for this. They had multiple statements where they said that cash should be completely gone and replaced because it's not eco-friendly and pure. It costs money to make, creates waste, transmits diseases, is easy to steal and makes black market trade easier.
They want to know what you're doing, who you're paying, how much money you have and they want control over your money to make you obedient. Protesters in Canada have experienced what it means to have your account locked because you dare to oppose the government.

Hell, any cryptocurrency is better than fiat, to be honest.

Worst case scenario we will have to openly rebel against the government on the streets if they oppress us to the point of making any crypto ownership illegal/difficult.

Let's hope the rebellion starts before they replace cash with digital money or you'll have all your money taken away the same day a camera catches you protesting.

[goldkingcoiner]

The digital dollar is not even a threat to the paper dollar. If anything the paper dollar has less disadvantages and more advantages than the digital fiat version. I really hope all these digital government control traps are going to crash and burn at the moment of introduction. The only reason they exist is to take away more freedom from the people and put everyone under a bigger surveillance system. But since Bitcoin has come into existence, I am not worried.

they're made to stop the production and use of cash.

Thats really the reason why its not a threat to the fiat system of today. Because nobody is planning on making paper money illegal. If anything, they will have to slowly phase it out but not make it "illegal". The corrupt politicians have waay too much laundered cash in their mattresses to be advocating for wiping it all out in a day or two. So obviously if digital fiat is going to make it, it will have to show its a better version of the paper fiat. And its not. People will not accept the government denying them their cold hard cash. We are not in China and we will not take that lying down. The WEF knows this.

[Xampeuu]

The digital dollar is not even a threat to the paper dollar. If anything the paper dollar has less disadvantages and more advantages than the digital fiat version. I really hope all these digital government control traps are going to crash and burn at the moment of introduction. The only reason they exist is to take away more freedom from the people and put everyone under a bigger surveillance system. But since Bitcoin has come into existence, I am not worried.

they're made to stop the production and use of cash.

Thats really the reason why its not a threat to the fiat system of today. Because nobody is planning on making paper money illegal. If anything, they will have to slowly phase it out but not make it "illegal". The corrupt politicians have waay too much laundered cash in their mattresses to be advocating for wiping it all out in a day or two. So obviously if digital fiat is going to make it, it will have to show its a better version of the paper fiat. And its not. People will not accept the government denying them their cold hard cash. We are not in China and we will not take that lying down. The WEF knows this.

between digital dollars and paper dollars both are the same, namely the currency of a country which only differs in the system of use, so I don't think this will affect paper currency, because they are in the same source. I think this is only a socialization of the transition of payment methods to a digital system, because both are still centralized by the government

[vatanen]

I think it will not. digital dollar is just a digital money which reprerents the value of dollar in digital form where as bitcoin is a in a higher level where it represents the whole cryptocurrency. Bitcoin is the king and the first of its technology.

[Hamza2424]

In the digital space there ia no thread to the Bitcoin as Bitcoin can flawlessly lead the digital economy and finance. You can understand this by the distributed network and decentralization of the bitcoin network. So investors do Trust Bitcoin untill investors trust there is no need to worries.

[Mate2237]

In the digital space there ia no thread to the Bitcoin as Bitcoin can flawlessly lead the digital economy and finance. You can understand this by the distributed network and decentralization of the bitcoin network. So investors do Trust Bitcoin untill investors trust there is no need to worries.

Yes, you said the truth. US digital dollar can't affect Bitcoin in any way. There are of two different control. Bitcoin is decentralized while dollar be a digital or hard currency, it is a centralized control. Bitcoin price is base on the demand in the blockchain while dollar price is base on imposed. Dollar cannot devalue Bitcoin because there is nobody to hold responsible. Bitcoin nis the father of the cryptocurrencies ecosystem space.

[Japinat]

...
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".

Correct! The digital dollar or even the digital euro won't be a threat to bitcoin or even sees it as a competitor. The mentioned coins have their own use and utility, many prefer this digital currencies because they are stable and yes, it should be because it's controlled and centralized. But bitcoin is different, saying the reasons why there's a lot of people choosing it over these stable coins would be redundant already and it's almost too obvious why. There's a lot of things that a decentralized coins can give to us that a stable coins can't.

[uneng]

In the digital space there ia no thread to the Bitcoin as Bitcoin can flawlessly lead the digital economy and finance. You can understand this by the distributed network and decentralization of the bitcoin network. So investors do Trust Bitcoin untill investors trust there is no need to worries.

I believe the threat isn't exactly digitar dollar, rather it's the regulators behind digital dollar the real threat to bitcoin, because they can use their decision power to difficult or forbid bitcoin usage in order to push the adoption of their own cryptocurrency upside. They can also launch misinformation campaigns against bitcoin aiming the masses, that can be made through comparisons between CBDC and bitcoin, where they will highlight the benefits and advantages of their currency while highlighting the negative aspects of bitcoin to discourage the public going for the decentralization.

[xSkylarx]

In the digital space there ia no thread to the Bitcoin as Bitcoin can flawlessly lead the digital economy and finance. You can understand this by the distributed network and decentralization of the bitcoin network. So investors do Trust Bitcoin untill investors trust there is no need to worries.

I believe the threat isn't exactly digitar dollar, rather it's the regulators behind digital dollar the real threat to bitcoin, because they can use their decision power to difficult or forbid bitcoin usage in order to push the adoption of their own cryptocurrency upside. They can also launch misinformation campaigns against bitcoin aiming the masses, that can be made through comparisons between CBDC and bitcoin, where they will highlight the benefits and advantages of their currency while highlighting the negative aspects of bitcoin to discourage the public going for the decentralization.

You have really a point just to make their token good and bitcoin bad, but still, the target audience on that is those who really don't know bitcoin; they will make their own token newbie friendly (I don't mean that Bitcoin is not, but it takes real time to read it and understand it on how it works). That's how powerful the people behind it, mostly the government, can really do that. They also can't persuade those people who are really into bitcoin. But for me, as long as they are both good and usable in the face of the internet and I can still gain profit, then that's good to me.

[Ludmilla_rose1995]

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?

there is already USDT, USDC, BUSD, and many others and now they want to add more by making a digital dollar CBDC, which will only add shitcoin to the market. Bitcoin is a decentralized asset and currency, so don't be afraid of any plans or FUD made by the government, Bitcoin is unbeatable and digital dollars will surely fail.

[Memorabilia]

Digital dollars are designed to be controlled by the government but that’s not the case with bitcoins.
Bitcoin has its own supremacy. I don’t think the digital dollar will do any harm to them.

[BALIK]

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?

there is already USDT, USDC, BUSD, and many others and now they want to add more by making a digital dollar CBDC, which will only add shitcoin to the market. Bitcoin is a decentralized asset and currency, so don't be afraid of any plans or FUD made by the government, Bitcoin is unbeatable and digital dollars will surely fail.

The release of CBDC will not have any effect or threat on bitcoin, you don't need to be angry. Dollar is digital like the paper USD we are using but different in how it works. The digital dollar will remain inflationary over time just like paper USD. Issuing CBDC will have pros and cons for us, the advantage here is that we will get rid of paper money and move to a modern world and do not need to spend a lot of money and waste materials to print paper money and convenient in daily payment. The downside here is that the government will have more control over us when we use CBDC, even the smallest act will send data to the government, the more we lose our privacy.

Let their government do whatever they want, as long as the bitcoins are there we have nothing to worry about. The government will never be able to completely control us.

[Abiky]

The release of CBDC will not have any effect or threat on bitcoin, you don't need to be angry. Dollar is digital like the paper USD we are using but different in how it works. The digital dollar will remain inflationary over time just like paper USD. Issuing CBDC will have pros and cons for us, the advantage here is that we will get rid of paper money and move to a modern world and do not need to spend a lot of money and waste materials to print paper money and convenient in daily payment. The downside here is that the government will have more control over us when we use CBDC, even the smallest act will send data to the government, the more we lose our privacy.

Let their government do whatever they want, as long as the bitcoins are there we have nothing to worry about. The government will never be able to completely control us.

The government can see every transaction related to credit/debit cards, so I don't see how CBDCs would be any different. If people were used to getting "spied" on credit card transactions, then they should have no problem embracing a CBDC. The new digital cash system would only destroy paper money as we know it, enabling a new era in our society. It won't challenge Bitcoin because of its centralized design, though. Comparing Bitcoin vs the Digital Dollar would be comparing apples vs oranges. I wouldn't worry about the new government-issued digital currency as long as decentralization wins in the long run. Just my thoughts

[Marcellin9]

Digital dollar at its core is a payment method. It would change anything in value whether you have it in large or small. Its biggest advantage is to make people's transaction/trade more quickly and conveniently. Bitcoin, however, is an investment asset which attracts people to invest enormously over a long term. The purposes of choosing or using digital dollar and Bitcoin are completely different. Yet the users might be mixed cause there is no fine line between them. The increase of users with digital dollar does not have to mean a decrease of users in Bitcoin. In the short term, as generally people won't know Bitcoin that well and choose to use digital dollar for its super convenience, digital dollar will be a threat to Bitcoin. In the long term, as people are more educated with more acceptance, the threat will be gone.