CBDCs are like a digital prison but Bitcoin is the key

[suzanne5223]

No, CBDC is actually a digital prison not like a digital prison as the OP presumes, and whoever expected something more serious or unique through the CBDC introduced by the government is a fool or doesn't understand the fundamental concept of the government CBDC creation because the digital currency comes into the picture when the IMF boss saw the level of the futuristic concept Bitcoin introduced and it's level of acceptance by people of all class before she advises the government to have the plan of creating their own CBDC.

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[TimeTeller]

So who are these invisible people using CBDC's in my country??

Maybe it's not about ordinary people, but about some transactions that are carried out between state agencies or something similar. The common man is mostly looking for a way to profit when it comes to cryptocurrencies, whether it's day trading, or investing for a little longer period - and CBDC is nothing but digital fiat that loses its purchasing power every day.

However, we must be aware that sooner or later CBDC will be imposed on us as something normal, because it is only one step higher in the control of society - and for all those who will not like it, they will say that this prevents forgery and money laundering, robberies , bribery and corruption... In the end, you'll be a villain if you oppose it - but I'm already used to it, aren't we all a little bit villains in the eyes of the majority because we use Bitcoin?

If the government will implement their own CBDCs, definitely, its citizens will be its users.
As we are going digital in most businesses, people will find it useful in many cases.
But of course, they should not expect that profit will be part of it because it is not.
It is just the digital counterpart of their fiat, but this time, the government can easily track where their CBDCs are going.
And if people will come to know the other crypto via CBDCs, then, that's good, right?
It will be a way for some people who are still hesitant to get acquainted with crypto to check outside CBDC.

[Gozie51]

Personally, I do not see a fundamental difference between paper money and central bank digital currencies (CBDCs), and therefore if paper money fails, any digital system built on it will fail.
Also, electronic money will not succeed in replacing cash by 100%, and Bitcoin is not considered the real threat at the present time due to the presence of higher risks such as interest rates and inflation.

Your view is just as it is when there is no adequate policy to back up the CBDC. Inflation will be at the height of it because when government announce such, it will change the release mode of fiat which becomes scarce as the government want to forcefully gain patronage of the digital currency which is still new becomes an option while fiat can be chased by any means and in economics when demand is higher than supply it is understandable that this will trigger panic from the shortage and hoarding is the order of the day and businesses will suffer. The CBDC has no significant value because it outcome is still controlled.by the performance of fiat of which both is centralized.

[lixer]

While CBDCs tend to take away your privacy, Bitcoin protects privacy and finance and helps for accessibility to financial resources. Its aim is not just to make one rich or get more money, rather they present a new approach to freedom in many places where traditional banking holds full court.

If you are pro crypto and anti fiat then your first impression about CBDCs are bad that they are another attempt to control more people but what if they are only built to give the people a convenience? Since, the world is now starting to digitalize. It's not that the government is too selfish and ban btc because they can't control it but they also care about the scams and frauds happening around with crypto and they only want to protect their people about it.

[Hydrogen]

I think one big question for CBDC which has not been addressed is how the state would propose to implement CBDC inflation protection.

Bitcoin has built in protections against inflation through it being a deflationary asset. However CBDC would not appear to have any mechanism which might achieve something similar.

Public trust for CBDC will not be high if CBDC will achieve high inflation as digital fiat currency 2.0.

I would be interested to see poll data on CBDC for generation Z as it is entirely possible that bitcoin polls higher than CBDC for today's youth.

The largest viewer demographic for CNN and television news is the 40 and higher age demographic. It is possible that middle aged to elderly demographics will be the largest supporters of CBDC, while the youth demographic is dominated by support for bitcoin and cryptocurrency.

[Majestic-milf]

Central Bank Digital Currencies (CBDCs) are the methods in which the government and financial institutions use to continue their control over it's citizens when the Fiat currency seems to be failing.

CBDC's are just meant to delay the inevitable which is the mass adoption of bitcoins and cryptocurrency. No matter how polished and upgraded the government may make it look they still are not an alternative to bitcoins.

In my country where we currently have the eNaira (CBDC), this is a quote from the Head of our Central bank
 

The Governor of the Central Bank of Nigeria, Godwin Emefiele, says the eNaira has recorded 700,000 transactions valued at N8 billion since its inauguration on Oct. 25, 2021.

source

I find it hard to believe however knowing that these figures can be falsified, and that they may just hyping it to make it sound enticing to attract people to it and hide the fact that their project did not record as much success as they could have expected. The reason behind my unbelieve is because aside bitcoin investment, I'm also involved in a business offline where I happen to receive a lot of transactions from people regularly, I have not met a customer or anyone that has suggested making payment via the eNaira, but some customers, even the one's you least expect have suggested paying via crypto many times. So who are these invisible people using CBDC's in my country??

I think those are falsified records. it's no news that the government would do such just to create a sort of importance to the e-naira. According to news, the e-naira is struggling to get even 0.5% adoption. https://www.pulse.ng/business/local/enaira-struggles-with-05-adoption-rate-amid-nigerias-high-ranking-in-crypto-use/v2wp5bc

 It's not widely accepted or known solely due to its similarities with crypto currency but just like is typical of governments who would always be adamant on BTC acceptance, they would always do something to divert the attention of it's citizens.