CBDC competing with bitcoin

[crypticj]

No. It's not.

With CBDC government try to create its own stable and says that we don't need Bitcoin now because we have the digital dollar lol. But they are not gonna win because no one cares about CBDC sh*t.

Everyone who knows what crypto is will use usdt or BTC instead of CBDC. This "stable" will be promoted as an alternative of BTC but I don't think it's gonna be really successful.

[LittleBitFunny]

No. It's not.

With CBDC government try to create its own stable and says that we don't need Bitcoin now because we have the digital dollar lol. But they are not gonna win because no one cares about CBDC sh*t.

Everyone who knows what crypto is will use usdt or BTC instead of CBDC. This "stable" will be promoted as an alternative of BTC but I don't think it's gonna be really successful.

With CBDC, we won't have the right to like or dislike it, I think the government will force us to use them when it officially works. Simply put, it's just a digital version of fiat, and their creation of CBDC is just the advancement of technology and freeing us from the frills. It can be said that CBDC is inevitable, but to say it competes with bitcoin is not true because these two assets are completely different. So I don't think there will be any real impact or competition between these two properties. But to talk about between fiat and CBDC, I still prefer using fiat over CBDC.

[SamReomo]

Having a central bank digital currencies still does not change anything because the system still remains the same, central bank digital currencies (CBDC) is controlled by the government and this same system can be manipulated. Central bank digital currencies is a financial structure that is based on debt.

The new innovation by the government is a way to imitate bitcoin but still not up to the standards of bitcoin which is a decentralised currency. CBDC is nothing different from an online banking, I'm sure the reason for central bank digital currencies is to stop to stop people from adopting bitcoin.
Central Bank digital currencies can never be a limitation to the growth of bitcoin, bitcoin possess that special uniqueness that no currency can be in a competition with. Central Bank digital currencies was made because of hatred to be like bitcoin.

I think the CBDC's are going to change the world of crypto-currencies and I fear that because of their promotion governments could create far more restrictions and way tough regulations on Bitcoin and the exchanges that support Bitcoin and other crypto-currencies. The CBDC's are created with that intention only and the banks will get quite a huge number of investors with the help of CBDC than with current fiat system. The CBDC's won't be as volatile as Bitcoin and other crypto-currencies and may remain stable even if the market gets a crash.

The only draw back of CBDC's is that anything you do with those you will have to first purchase them from a retailor or a bank and then you'll be able to do anything with those. The main agenda of Decentralization was to stop those banks from interfering with our finances, and with CBDC's that idea is totally drown into water. They will operate just like Fiat but in crypto-currency form, and they might create huge risks for current Stable-coins of the crypto-ecosystem.  

[mendace]

CBDCs are not meant to replace decentralized cryptocurrencies like Bitcoin.  While Bitcoin operates on a fully decentralized network, CBDCs remain centralized and are subject to the scrutiny of financial institutions.  The main objective of CBDCs is to improve the efficiency of payments and offer more advanced financial instruments, while maintaining control by the monetary authorities.

 It is true that some people may prefer Bitcoin due to its decentralized nature and the financial autonomy it offers.  However, central bank digital currencies could offer additional benefits, such as price stability and consumer protection, which could be of interest to a large part of the population, which is why they could be preferred to Bitcoin.  CBDCs are the only tool for governments to counter Bitcoin.

[bayu7adi]

The new innovation by the government is a way to imitate bitcoin but still not up to the standards of bitcoin which is a decentralised currency. CBDC is nothing different from an online banking, I'm sure the reason for central bank digital currencies is to stop to stop people from adopting bitcoin.
Central Bank digital currencies can never be a limitation to the growth of bitcoin, bitcoin possess that special uniqueness that no currency can be in a competition with. Central Bank digital currencies was made because of hatred to be like bitcoin.

There will never be a meeting point between the government and decentralization because the inherent nature of the government is to function as both the state police and the regulator of society. The position of the government necessitates control in order to make more rational decisions (that's the government's perspective).

However, when Central Bank Digital Currencies (CBDCs) attempt to mimic Bitcoin, those who initially became acquainted with Bitcoin and fell in love with it will not be interested in CBDCs. Meanwhile, government-backed products will find traction in a market of individuals who were previously unfamiliar with Bitcoin altogether.

[Wexnident]

Having a central bank digital currencies still does not change anything because the system still remains the same, central bank digital currencies (CBDC) is controlled by the government and this same system can be manipulated. Central bank digital currencies is a financial structure that is based on debt.

I think that's been established since long ago? Just imagine fiat, but digitalized. Maybe made fancied with all the crypto jargon they're gonna use but in the end it's gonna end up just being fiat, but digital. They still hold power over it technically. And competition is nonexistent as well, I mean, they're being used completely fine to date havent they?

Its not the system adjusting towards the creation of the CBDC. The system's set already so to speak, the only thing others can do is enter and use it. Take ownership? Ehh I wouldn't call it impossible, but it's almost infinitely difficult.

[retreat]

Having a central bank digital currencies still does not change anything because the system still remains the same, central bank digital currencies (CBDC) is controlled by the government and this same system can be manipulated. Central bank digital currencies is a financial structure that is based on debt.

The new innovation by the government is a way to imitate bitcoin but still not up to the standards of bitcoin which is a decentralised currency. CBDC is nothing different from an online banking, I'm sure the reason for central bank digital currencies is to stop to stop people from adopting bitcoin.
Central Bank digital currencies can never be a limitation to the growth of bitcoin, bitcoin possess that special uniqueness that no currency can be in a competition with. Central Bank digital currencies was made because of hatred to be like bitcoin.

Totally agree with the points you made. The real point of the government to launch CBDC is because they don't want Bitcoin to beat the popularity of fiat and so they try to copy the Bitcoin system and try to offer it to the public and say that it is better than Bitcoin. When in fact they are afraid that people will trust Bitcoin more and adopt it as their main payment. But no matter how the government gets rid of Bitcoin, it won't be able to hinder the adoption of Bitcoin going forward, it will continue to increase and reach more and more people.

[Iranus]

~snip
  CBDCs are the only tool for governments to counter Bitcoin.

How are they using CBDC against bitcoin? And if they really want to fight or destroy bitcoin, then the series of bans that have been enacted and maintained so far, not governments that are gradually accepting bitcoin to some extent. The growth of CBDCs is just a result of technological developments, which bring convenience as well as help them better manage us. I don't see anything dangerous in the government issuing CBDC, to me, it's still fiat, nothing more and nothing less, so it can't compete or compare with bitcoin.

[worle1bm]

You are comparing two different things like one is centralised which means they can implement changes to it but on the other side btc is decentralised and owned by you so make assumptions keeping that in mind that whether CBDC can compete with bitcoin? The btc has its own existence due to its working and it will continue to work the same manner while CBDC will fail eventually.

[Y3shot]

CBDC were just another way of having control over the funds of the people. This doesn't make any impact upon bitcoin, because people who have understood well about the difference between cryptocurrency and the CBDC will never switches. The development were much focused on keeping the cryptocurrency users directed towards CBDC as they weren't able to ban or restrict the usage of bitcoin.

People who haven't got used to cryptocurrencies and prefer to be with the government's guidance will prefer CBDC. Even those people will find this innovation unwanted if they use bitcoin once.

People who are already into bitcoin will not even have interest about the CBDC because they already know the system and all it is all about, but the CBDC is going to brainwash people who are just coming up not to have anything with Bitcoin.

 yes sure the CBDC can never match the standard of Bitcoin but the purpose of it is to just brainwashed people not to have any interest in Bitcoin.

No. It's not.

With CBDC government try to create its own stable and says that we don't need Bitcoin now because we have the digital dollar lol. But they are not gonna win because no one cares about CBDC sh*t.

Everyone who knows what crypto is will use usdt or BTC instead of CBDC. This "stable" will be promoted as an alternative of BTC but I don't think it's gonna be really successful.

I don't think people will even have interest to make use of it because Fiat will always be fiat,  there is nothing new about it, there is nothing valuable about it that will  interest people to see reason why they needed it.

[SyndicateLabs]

CBDC and bitcoin have obvious differences. Both of these currencies are under consideration and discussion is ongoing about the role they can play in the global economy. CBDC can be used to enhance the transparency, safety and efficiency of the financial system, while bitcoin and decentralized digital currencies have other advantages such as price retention and honesty. The shutdown of Central Bank digital currencies for reasons of bitcoin termination is incorrect. CBDC are being developed to meet the needs of the market and they have no direct connection to bitcoin. The research and development of digital currencies from institutions such as CBDC can play an important role in enhancing the diversity of the financial system and supporting the development of digital currencies. of the global economy.

[CPNpr]

I like Bitcoin more than CBDC. There are many people like me who value Bitcoin more than CBDC. CBDC and Bitcoin are two separate assets. In this case I don't think there can be any competition between these two different assets. There are two distinct differences between CBDC and Bitcoin in cryptocurrency. But if the government has fully approved the CBDC. Then CBDC users will likely increase. However, Bitcoin competes with CBDC. I think CBDC will fail in that case

[Zlantann]

Totally agree with the points you made. The real point of the government to launch CBDC is because they don't want Bitcoin to beat the popularity of fiat and so they try to copy the Bitcoin system and try to offer it to the public and say that it is better than Bitcoin. When in fact they are afraid that people will trust Bitcoin more and adopt it as their main payment. But no matter how the government gets rid of Bitcoin, it won't be able to hinder the adoption of Bitcoin going forward, it will continue to increase and reach more and more people.

The only people that will be deceived to believe that Bitcoin and CBDC are the same are ignorant people that know little or nothing about the crypto space. The only similarity is that both of them use blockchain technology. But the difference is clear CBDCs are just fiat in the form of cryptocurrency backed by the country's currency. They are controlled by the government so they are not decentralized like Bitcoin. But I think CBDCs might be less risky than keeping money in exchanges. Loss of deposit might be rare while using CBDCs because they are insured by the country's deposit insurance. But many depositors or customers have lost their funds in exchanges because most of them are not protected. But if you care about privacy and safety, embrace Bitcoin in a decentralized manner.

[Rruchi man]

Central Bank digital currencies was made because of hatred to be like bitcoin.

If hatred for bitcoin is the motive, the government and Central Banks are helping without them knowing, to popularize bitcoins further. CBDC's promotion will only result in constant comparison between it and bitcoins, and at all times, the unbiased will acknowledge that bitcoin is better and more beneficial.

CBDC's can deceive those who do not know so much, the people who are not very informed. For the informed like us, who understand why bitcoins were created, we know the purpose and know that CBDC's do not solve the same problems that bitcoin is addressing.

[Z390]

CBDC won't add any thing to your hard earned money, and the SEC leader said that we already have digital currency, that's USD, EURO, and China's very own Yuan, I don't think we actually need CBDC either if that's the case.

There is no point trying to use CBDC and please stop comparing to Bitcoin, there is no way anyone in their right mind will invest in something that won't yield anything, CBDC is going to be nothing but Fiat, there is no increase in value.

As for the Binance problem with SEC, if the Binance exchange belongs to the US government all this won't be happening, I think this through a day ago, they want to be in control of everything that yields money, and they are not ready to help their fellow humans.

This is pure wickedness.

[beerlover]

No. It's not.

With CBDC government try to create its own stable and says that we don't need Bitcoin now because we have the digital dollar lol. But they are not gonna win because no one cares about CBDC sh*t.

Everyone who knows what crypto is will use usdt or BTC instead of CBDC. This "stable" will be promoted as an alternative of BTC but I don't think it's gonna be really successful.

I agree with you. I do not think that CBDC is there to compete with bitcoin at all, it never was and it never will be. First of all everyone knows that they are building it because they want to replace stablecoins to begin with, and that means bitcoin wasn't even in the discussion for this long, it never was there and will never be.

Secondly I agree that people would prefer stablecoins over CBDC as well but even if some of them doesn't and even if some government loving people end up buying it, that doesn't mean that it would hurt btc or any other stablecoin neither, they will end up being just as good as they are right now. The market is in shambles when stablecoins are prefered over btc, so that will still be a thing in the future as well.

[minairia3]

Bitcoin is an asset, an investment, and a currency… while CBDC is just a currency, it is by no means a worthy competitor to bitcoin. What you are worrying about is baseless and pointless. But I don't think the government created CBDC to deal with bitcoin as many people say, they created it to gradually replace Fiat because we are moving towards a digital world. It's just an upgraded version of fiat, nothing more, nothing less.

[DeathAngel]

CBDC’s can’t compete with bitcoin because they’re a totally different thing. Bitcoin is hard money, it’s designed to be taken into self custody, no middlemen involved, nobody can control your money & what you spend it on except you. CBDC’s are the exact opposite, government spyware, issued & basically controlled by governments & banks. I don’t like the idea of CBDC’s at all but if they come I will use them sparingly, as little as possible. I will not be told limits on what I can buy or what I can buy.

[superman184]

Bitcoin is an asset, an investment, and a currency… while CBDC is just a currency, it is by no means a worthy competitor to bitcoin. What you are worrying about is baseless and pointless. But I don't think the government created CBDC to deal with bitcoin as many people say, they created it to gradually replace Fiat because we are moving towards a digital world. It's just an upgraded version of fiat, nothing more, nothing less.

Just agree with what you said because Bitcoin and CBDC are two different things that are not balanced to be compared even though they are both called digital currencies, but Bitcoin is more unique and better than just CBDC because CBDC is just fiat that is not in physical form course, but in value it will still be the same as fiat in general. So clearly there is no need to compare and there is no need to worry about it because the basis is very different from each of them.

[Ucy]

Having a central bank digital currencies still does not change anything because the system still remains the same, central bank digital currencies (CBDC) is controlled by the government and this same system can be manipulated. Central bank digital currencies is a financial structure that is based on debt.

The new innovation by the government is a way to imitate bitcoin but still not up to the standards of bitcoin which is a decentralised currency. CBDC is nothing different from an online banking, I'm sure the reason for central bank digital currencies is to stop to stop people from adopting bitcoin.
Central Bank digital currencies can never be a limitation to the growth of bitcoin, bitcoin possess that special uniqueness that no currency can be in a competition with. Central Bank digital currencies was made because of hatred to be like bitcoin.

It's actually an attempt to modernize the world's fiat currencies, to make them interoperable and more easy to control by central forces.   Don't forget that humans are "evolving" into false version of a spiritual existence on the internet called the Virtual World, by mimicking the interconnectedness of invisible part of humans/natural world... more like how the neurons/nerves are connected together . So they expect the virtual world to be fully built with a centralized currency like the CBDC, false cryptocurrencies and/or other fiats currencies.
They can't compete with True Cryptocurrency like Bitcoin as it's built to be independent of the system and would run on a self-sustaining economic model. Bitcoin model is already unique and attractive to different set of people that are typically opposed to the fiat system. It'll be an effortless seperation between the free and the slave, one joining Bitcoin while the other remaining with the centralized system.
Bitcoin is a voluntary system that is open to anyone and does not seek to capture the world.