What do you think about CBDCs?

[burugcrypto]

In this Post I am discussing about 3 types of People. I don't belong to any category. I belong to the category of persons who doesn’t think CBDC as cryptocurrencies .

In the case of CBDCs against cryptocurrencies, there are 3 different categories of people. This categories are for people who think CBDC are cryptocurrencies and aganist to it.

CATEGORY A: these people belive that CBDCs are a threat to cryptocurrencies and can displace them.
This is because cryptocurrencies are known to be highly volatile and thereby unstable.


CATEGORY B: these ones see CBDCs as governments' futile attempt to end cryptocurrencies.


CATEGORY C: these ones don't care about the "fight." They accept whichever one succeeds in the long run.


Which category do you belong in?🙃

Also, do you think crypto and CBDCs can co-exist without being a threat to each other?🤔

[Jawhead999]

A: You have been this forum for 2 years, are you really don't know what is stablecoin like USDT, DAI, USDC? It's a coin that pegged with fiat, so it doesn't make sense if CBDC replace stable coin since both of them have stable price.

B: Government can ban the whole coins if they don't like it, any centralized coins will be gone since they don't have any way to trade. While Bitcoin due to decentralized, you can trade via P2P or with decentralized exchange.

C: That's a person who doesn't have any cryptos since he don't care with the price.

[burugcrypto]

A: You have been this forum for 2 years, are you really don't know what is stablecoin like USDT, DAI, USDC? It's a coin that pegged with fiat, so it doesn't make sense if CBDC replace stable coin since both of them have stable price.

I am not speaking about myself.I am speaking about people who think like that. 

I know what is CBDC is. I don't consider it as Cryptocurrency only in first place as it lacks the feature of Decentralisation and controlled by Central banks.

I ususally conduct researchs. So just checking if there any people who falls in above three categories.

[KaliLinux]

A: You have been this forum for 2 years, are you really don't know what is stablecoin like USDT, DAI, USDC? It's a coin that pegged with fiat, so it doesn't make sense if CBDC replace stable coin since both of them have stable price.

I am not speaking about myself.I am speaking about people who think like that. 

I know what is CBDC is. I don't consider it as Cryptocurrency only in first place as it lacks the feature of Decentralisation and controlled by Central banks.

I ususally conduct researchs. So just checking if there any people who falls in above three categories.

I don't think you are going to find those people you are looking for here because we all understand what CBDC is and can never be compared to Cryptocurrency because all here know crypto. I believe your research population shouldn't be within the forum and for those people that would think along your line of question, it will be because they don't know and understand cryptocurrency and it could happen that the Government is able to convince them of CBDC which by the way is the same as the Fiat currency but just in digital form.

[SquirrelJulietGarden]

CBDCs are unavoidable things in societies because governments won't allow blockchain and cryptocurrency industry grow forever and they are only outsiders.

CBDCs will be another form of fiat currencies that try to use blockchain technology to create government-backed cryptocurrencies. However if you consider altcoins including stable coins are centralized, CBDCs are more centralized than stable coins.

So choose to use CBDCs or choose stable coins to use, you can do it based on what you like most, centralized totally (CBDCs) and less centralized (stable coins). CBDCs are more affected by policies from governments.

[gantez]

CATEGORY B: these ones see CBDCs as governments' futile attempt to end cryptocurrencies.

This category that see CBDC as government property and only that. This is the government trying hard to make a statement to hold the value down to their currency to discourage bitcoin but they will be disappointed in the future when bitcoin halving will happen and the price, value and importance of bitcoin will increase far leaving some people behind.

[sunsilk]

CATEGORY C: these ones don't care about the "fight." They accept whichever one succeeds in the long run.


Which category do you belong in?🙃

I might say that I'm in category C but at the same time, I don't think that it will succeed in the end. And as what we're seeing the one that will succeed are not the CBDCs but still bitcoin.

Also, do you think crypto and CBDCs can co-exist without being a threat to each other?🤔

Yes.

It can co-exist while CBDCs is mainly focusing on what the use case the government will give it to them. While crypto, it has all the use that anybody wants it to be without having the approval of the government.

[Yogee]

...I know what is CBDC is. I don't consider it as Cryptocurrency only in first place as it lacks the feature of Decentralisation and controlled by Central banks.

The first thing you have to ask is do these banks even consider CBDCs as cryptocurrencies? I have yet to hear someone from the Government or the bank say that. The point is there is no reason for us to argue whether it's a crypto or not when the one issuing it doesn't think it is.

[TheUltraElite]

I find myself not belonging to any of these categories.

My take on CBDC is to wait and watch. If they have any potential I might get some, but it completely depends on how their are used and what advantages they give me over bitcoin if any.

Beyond that I would belong to category C, don't care about what news comes up, I will buy Bitcoin when it goes down and sell when it goes up, banking the profit.

Thinking about what can happen in future will only stop your current attempts to trade, so better focus on the current market and forget about CBDCs.

[Wexnident]

It's a futile attempt to end crypto but at the same time, it's kind of like transitioning over towards digital currencies and removing paper money from the system completely kind of thing I guess? Tbf to its name it isn't really anything decentralized, heck from what I understood it's literally just that, a digital form of fiat. I think the issue just blew up since people kept thinking it was a way to go against crypto when in the first place, their methods of payments, CBDC ain't going anywhere since it's backed by the government (like fiat) nor crypto (BTC) would since it's decentralized, try as they might they can't exactly hit anything/anyone to stop it.

[Doell]

I maybe into category C, in terms of categories in your opinion the OP. Ever since CBDC was be a hot news in its time, to be honest I don't really care and even now or the future. In my opinion there is no profit at all in it, investment for me must be profitable, if not well tha's just like saving money in the bank, also maybe it is better to use a piggy bank or keep money under the mattress without any fees.

[burugcrypto]

...I know what is CBDC is. I don't consider it as Cryptocurrency only in first place as it lacks the feature of Decentralisation and controlled by Central banks.

The first thing you have to ask is do these banks even consider CBDCs as cryptocurrencies? I have yet to hear someone from the Government or the bank say that. The point is there is no reason for us to argue whether it's a crypto or not when the one issuing it doesn't think it is.

I guess even they know they are not cryptocurrencies but a fiat in digital form.

But I am sure they will call it as a cryptocurrency in the public to make people distance from real cryptocurrencies like bitcoin etc .

[Ozero]

It's a futile attempt to end crypto but at the same time, it's kind of like transitioning over towards digital currencies and removing paper money from the system completely kind of thing I guess? Tbf to its name it isn't really anything decentralized, heck from what I understood it's literally just that, a digital form of fiat. I think the issue just blew up since people kept thinking it was a way to go against crypto when in the first place, their methods of payments, CBDC ain't going anywhere since it's backed by the government (like fiat) nor crypto (BTC) would since it's decentralized, try as they might they can't exactly hit anything/anyone to stop it.

I do not place myself in any of these proposed three categories. Of course, government CBDCs cannot be classified as cryptocurrencies. This is an improved version of government cashless payments. States will issue them not because of fighting with cryptocurrency, but in order to improve the efficiency of the banking system. Therefore, CBDCs are not in direct competition with cryptocurrencies, however, they will be such competition for private and other non-state stablecoins.

[RussiaUkraineTranslation]

I think that CBDCs will be adopted and used at scale. In some countries, the stablecoins we use now "USDC" will be the defacto CBDCs, while in others CBDCs will be on their own private chains and there will be more government control over them. I also think that banks, since they will no longer be able to issue money since central banks will be controlling that, will start making their money on custody, lending and staking services. They will also create their own investments, like tokenized CDs "MAXX.Finance" for example.

[avikz]

I don't belong to any of these categories! CBDC is a just a digital representation of fiat currency. It will make transacting in fiat more convenient and at the same time it will help the government to crack hard on money laundering kind of stuff. It has no relationship with cryptos and it is also not a threat to cryptocurrencies at all.

However, with CBDC, financial freedom may become a myth.

[tvplus006]

...these people belive that CBDCs are a threat to cryptocurrencies and can displace them. ..

CBDC poses a real threat not to the cryptocurrency as a whole, but to the stablecoins, since the latter are exactly the analogue of fiat. Despite the fact that stablecoins can be not only centralized, like CBDC, but also decentralized, it should be recognized that CBDC is more reliable than stablecoins, since their cost is provided by the state.

[mindrust]

They are definitely not crypto currencies. Not even related. They will be centralized and won't be much different than the current FIAT we are using. The only and the most important difference will be that they won't have any physical notes and that's not a good thing actually. It is just another move backwards.

CBDC's are not here to help us. They are here to track down your actions, further.

Crypto supporter or not, everybody should oppose CBDC's which are against the interests of everybody imo.

[DeathAngel]

They’re a terrible idea & something I hope does not become reality. The control, the intrusion of privacy, the whole concept sucks, I want to have no part of it. I will go off grid if they get implemented in my country.

[RussianEnglishTranslation]

CBDCs are the future of money, like it or not. Several popular blockchains are integrating ISO20022 compatibility, which will allow smart contracts to hold and transfer CBDCs. Some blockchains include XRP, XLM, and ICP.

[BRINIRHA]

What is clear is that CBDC is the government's effort to keep up with today's technological developments. so they are trying to make digital money like crypto. but the difference is that they want to keep control of the digital money and keep it centralized. so they made CBDC like a move to rival crypto. but I think it's a bit of a wasted step. considering its use is the same as money usually. that is, when going abroad, CBDC money must still be exchanged for CBDC money from other countries. so there is no difference. why should the government have to bother making a CBDC when they have nothing to offer from it. because its function is really the same as ordinary fiat.