Why The Majority Of the Population Will Embrace CBDC's

[worldtraveller321]

A backlash, certainly by those that are well informed will happen  As for the general public that is less informed and a bit lazy/naive - it will depend on how is presented.   The government giving out CBDCs and being presented as way to:

1.  protect the US dollar against foreign adversaries
2. combat fraud and crime
3. Give tax incentives
4.  Insure against bank failures

etc...  when presented in that way and possibility with incentives, much of the general public will fall for it and not see any alternative.   There will also likely be the various political presentations to appeal to both the left and the right.   The problem is more than just CBDC vs BTC & Cryptos - the problem is the public is lazy and will take whatever path requires the least of them and appears to give them the most.

There will most certainly be a battle and I suspect it will last a very long time.

if you look at what happened in the USa in 1971 when Nixon took the dollar off the gold standard and go with full blown fiat, the pay off was making it legal for USA citizens own gold again, people just saw the idea to own gold a good pay off, again make forgot about how the government stole the gold from everyone back in the 1940s

The mainstream media does tell everyone that crypto is a scam and many believe that, so more less

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[mendace]

 The CBDCs are the only weapon that a government can possess to counter Bitcoin and they will certainly make a massive media campaign that will convince most or almost all of the mass but we have an advantage that we must exploit and that is what Bitcoin has already existed for years. ready it is mature and we can already use it but above all it is not censurable by any nation or entity and this must be made clear.  The first to use it will be the poorest countries while the first industrialized world will remain behind but it is only a matter of necessity.

[Fatunad]

CBDC's are just simply considered to be e-fiat nothingless. You wouldnt really be that still thinking that this could fought off decentralized coins but let alone the idea on replacing up fiat
because they are just the same in overall idea. There might be some recognition if it would really be that strictly be implemented by the government but i dont believe that it would
really be flourishing up into the future.No one really knows on what it would looks like about adoption and recognition of these things but one things for sure
that decentralized things is much more preferable.

[Nwada001]

It's only those who don't really understand what the CBDC stands for that will run to it. Choosing the CBDC makes no difference from one who is using the banking system because the CBDC is a country's local currency presented to the digital world. Those who want to be totally free won't go for the CBDC because it's still centralized and government controlled no matter how the government wants to explain it. 

The CBDCs are the only weapon that a government can possess to counter Bitcoin and they will certainly make a massive media campaign that will convince most or almost all of the mass

It's the only weapon they think can battle Bitcoin, but they are absolutely wrong about that. 

The CBDs will still be used by them and their loyal subjects.Anyone who truly knows the purpose of Bitcoin and decentralization will also see the clear purpose of any CBDs provided by any country's government. 

[BADecker]

Embrace whatever works. If you have to use CDBCs to live, do it. But recognize that you can use them less and less as you bargain and barter more and more without using them.

[n0ne]

Maybe a scenario could arise where people will be in a situation to use CBDC instead of the fiat money. Just the digital transition, and people will be under the control of government in a better way than through the paper money. Nothing changes, it is upto the people how they take it forward. Even now more countries have got their own CBDC and that haven't made any impact or gained importance as the real cryptocurrencies. The existence of CBDC is to have control and to keep the market of traditional fiat running. To the changing technology it is a must to make changes and I believe the governments will understand the need of cryptocurrencies someday.

[DeathAngel]

The majority of the population always does what ‘the man’ tells them is good for them. The fact we are here on this forum means we are different, there is a little more substance to us.

I will reject & avoid a CBDC as best I can. I don’t want every single thing I do to be monitored. Buy bitcoin & escape the system.

[BlackBoss_]

The government giving out CBDCs and being presented as way to:

1.  protect the US dollar against foreign adversaries
2. combat fraud and crime
3. Give tax incentives
4.  Insure against bank failures

[GUIDE] All About Central Bank Digital Currency (CBDC)

CBDCs are one of currency types governments use in their countries. They has evolved from paper to polymer currency and e-banks. Now in future, they will go to CBDCs but the fact is governments and central banks control CBDCs.

Citizens won't have much difference in governmental control on their cash flow because it is main responsibility of government and central bank. CBDCs at least will give people more convenience in their transfers but it only makes sense for people who don't mind about privacy.

[Solosanz]

Buy bitcoin & escape the system.

You still need to convert your coins become fiat, if you live in where Bitcoin isn't accepted to use as an currency, you wouldn't be easy to avoid banking system. Trading on P2P or decentralized exchange doesn't entirely make you escape the banking system because you're still need to leave the trace where you submitted your bank account on the site. The problem is not many people have high privacy concern when they're want to spend or use Bitcoin.

[YUriy1991]

I think about the legitimacy of cryptocurrencies, there are several reasons why the majority of the population might use a central bank digital currency (CBDC) in the future.

While there may be some skepticism of cryptocurrencies, there are reasons why the majority of the population will use CBDCs in the future. With potential benefits such as stability, financial inclusion, efficiency, privacy and security, CBDCs can represent a significant advance in the world of finance.

This is seen as reasonable because CBDCs are backed by a central authority, such as a government or central bank, which can provide a level of stability and security that may be lacking in cryptocurrencies. This can give people greater confidence in using CBDCs for day-to-day transactions.

[avikz]

Op, do you think common people are stupid? Governments have never positioned CBDC as any one of the four points you have mentioned. Governments are positioning CBDC as a convenient mode of value transfer and nothing else!

In turn, the government will get many incentives like complete overview of people's finances, effective curb on money laundering and a weapon against black money hoarding. CBDCs will be adopted by the population because it will soon be mandated by the government.

[Fiatless]

Op, do you think common people are stupid? Governments have never positioned CBDC as any one of the four points you have mentioned. Governments are positioning CBDC as a convenient mode of value transfer and nothing else!

In turn, the government will get many incentives like complete overview of people's finances, effective curb on money laundering and a weapon against black money hoarding. CBDCs will be adopted by the population because it will soon be mandated by the government.

Some people might fall for this trap because of misinformation but most people have lost confidence in the economic policies of the government. In some countries, the government has failed to deliver on all its economic promises, and the people are fed up with these policies. Most countries are going through hyperinflation and currency loss of value. The people are desperately in need of financial alternatives that can give them a little financial lift. The people already know that the government owns CBDCs and they cannot trust this online fiat. If the government lifts the restrictions on the use of bitcoin in my location, many people will embrace it.

[uneng]

Here in our country the government doesn't even have to justify anything in order to convince people to adopt CBDCs. All they have to do is to enforce the rule and people will adopt it, because they were told to do this from now on. People accept passively anything that is imposed to them: taxes, bureaucracy, corruption, electoral promises that don't become reality, power abuse by authorities... And to say the truth, common sense is much worse than it was few years ago.

[Henrobakkara]

A backlash, certainly by those that are well informed will happen  As for the general public that is less informed and a bit lazy/naive - it will depend on how is presented.   The government giving out CBDCs and being presented as way to:

1.  protect the US dollar against foreign adversaries
2. combat fraud and crime
3. Give tax incentives
4.  Insure against bank failures

The government can stylishly force this CBDC on people without them realizing it. What am I saying? Take Nigeria for example. The Government just had a redesign of their Naire mostly the higher Dinoomination and they have since introduced CBDC which is not really been adopted by the citizens. Still, now, even though they are printing new designs of the new Naira notes, they are printing less quantity and asking for the citizens to go more cashless. At some point, they might just find themselves automatically adopting the e-Naira since there is less cash in circulation.

[justdimin]

I think about the legitimacy of cryptocurrencies, there are several reasons why the majority of the population might use a central bank digital currency (CBDC) in the future.

While there may be some skepticism of cryptocurrencies, there are reasons why the majority of the population will use CBDCs in the future. With potential benefits such as stability, financial inclusion, efficiency, privacy and security, CBDCs can represent a significant advance in the world of finance.

This is seen as reasonable because CBDCs are backed by a central authority, such as a government or central bank, which can provide a level of stability and security that may be lacking in cryptocurrencies. This can give people greater confidence in using CBDCs for day-to-day transactions.

I believe that using CBDC instead of using stablecoins could make sense but considering it is still tied to fiat and I got here into crypto to avoid fiat, that means that we shouldn't really be too hyped about it as crypto people. It's basically stabelcoin made by the government and that's about it, nothing more and you think I should be some sort of happy about it? Of course not and I think that it is something I will never buy or invest into.

However, that doesn't mean that it won't convince more people to join into the crypto world, having some government guarantee will definitely make some people consider getting into this market, which is why it's nice for us.

[bittraffic]

Op, do you think common people are stupid? Governments have never positioned CBDC as any one of the four points you have mentioned. Governments are positioning CBDC as a convenient mode of value transfer and nothing else!

In turn, the government will get many incentives like complete overview of people's finances, effective curb on money laundering and a weapon against black money hoarding. CBDCs will be adopted by the population because it will soon be mandated by the government.

I'm sure that's not what he means. The general public is what he meant by that they are susceptible to getting into these CBDCs with just simple incentives because people are already hungry and with no jobs.

When the government 30% of the prices of basic goods, it already will crumble the family expenses. People do things to survive even selling thier souls. With CBDC providing comfort and they get free money, they are all in.

[Kalchef]

The CBDCs are the only weapon that a government can possess to counter Bitcoin and they will certainly make a massive media campaign that will convince most or almost all of the mass but we have an advantage that we must exploit and that is what Bitcoin has already existed for years. ready it is mature and we can already use it but above all it is not censurable by any nation or entity and this must be made clear.  The first to use it will be the poorest countries while the first industrialized world will remain behind but it is only a matter of necessity.

This is impossible, you can't counter something like Bitcoin, first, CBDC is centralized, do you know how many people are been hurt by centralized entities? People prefer Bitcoin for one thing, and that's because Bitcoin is the only true decentralized coin, there is massive trust surrounding Bitcoin, no CBDC can be this reliable and trusty.

Again, CBDC is just like USDT and USDC, only this time, it's truly from the government, stablecoin that backs a country Fiat currency will remain a stablecoin, it is left for people to use or not.

[BitcoinPanther]

Op, do you think common people are stupid?

Let me answer your question, as much as I don't want to believe it, but yes, common people are stupid.  They keep falling to the government traps.  Until now most common people do not believe in Bitcoin and keep on trusting banking system.  Only a few were enlightened and pursue Bitcoin as currency.

Governments have never positioned CBDC as any one of the four points you have mentioned. Governments are positioning CBDC as a convenient mode of value transfer and nothing else!

I guess @OP is assuming those things when the government wanted to implement CBDC "forcefully" to its constituents.

In turn, the government will get many incentives like complete overview of people's finances, effective curb on money laundering and a weapon against black money hoarding. CBDCs will be adopted by the population because it will soon be mandated by the government.

I highly agree, government always tend to get the best out of their offer, we are like fish getting baited by small meal and yet we became the meal.  So with CBDC, government will have the power to monitor individual's financial movement.

[Baofeng]

I think there is one important factor as well,

- government are going to force it's population to used their CBCD's. What I mean is that if you wanted to transact specially in government offices, then before you can do that, you should have CBCD in your hand before you can proceed with them. And so it's obvious, all the benefits is going to the government itself and not to the population with this whole CBCD thingy. And when we thought it's crypto, it's not, it's their digit that they just made it digital so that they can go paperless and there are no benefits whatsoever, in my opinion.

[dothebeats]

Governments do control the money that they put out there, so most probably they will try and enforce some rules and regulations that will force the public to use it. It's not far from happening, they've done it before on a lot of other items and goods so they can also do it on money. Plus, the world is slowly going digital day by day. Proper implementation of this technology = seamless transactions for merchants and buyers. I wouldn't say no to it, but the government should make sure that the technology is flawless so that no serious problems may arise.