Do we truly need cbdc when bitcoin already exist?

[Hewlet]

CBDC (central bank digital currency) are digital representation of a country's official currency managed and regulated by a central bank. The idea is to provide an alternative to digital cash allowing faster transactions and increasing financial accessibility.

Its centralized nature allows the government to directly issue currency to citizens at the whim of central banks

This obviously means that they can not offer the same level of autonomy or censorship resistance that bitcoin offers

The fact that its implementation can lead to potential surveillance and increase government control over finance is something to be worried about.

Considering the fact that bitcoin has earned an high level of trust, security and borderlessness from it user with an inherent monitory policy brings the big question;

Do we really need cbdc now?

[philipma1957]

We the people of any country do not need that country to issue cbdc’s.

but many countrie’s governments are desperate so they may try a cbdc to make a bailout won’t as they are bound to fuck them up 🆙

[Lida93]

We the people of any country do not need that country to issue cbdc’s.

but many countrie’s governments are desperate so they may try a cbdc to make a bailout won’t as they are bound to fuck them up 🆙

Our government don't know that, for in their quest to retain power and all ramifications of control over the citizens they just believe whatever they think for us as citizens is what is good for the citizens. And this they do without even asking for our opinions.

In most cases I don't see a much need for a cbdc but while certain factors may influence the creation of cbdc some governments tend to implement this without painstakingly examining the potential risk concerned.

[Woodie]

CBDC (central bank digital currency) are digital representation of a country's official currency managed and regulated by a central bank.

Are they trying to airdrop some free money on the citizens to stimulate demand, and where is the demand for the CBDC going to come from because these can't compete with our already existing Bitcoin and Altcoins..oops didn't mean to say that !!!

Btw, If it's control they want, why bother introducing a CBDC (central bank digital currency) when they can continue with the fiat system that we already know

Do we really need cbdc now?

The CBDC model clearly looks to be doing the exact opposite of what made Bitcoin popular....
if Bitcoin's current users are not fans of censorship, then how will CBDC succeed with their proposed control  model that the central bank wants over our finances  this model of cryptocurrencies is a nightmare and OG cryptonians won't jump on board mark my words!!!

[avp2306]

CBDC (central bank digital currency) are digital representation of a country's official currency managed and regulated by a central bank. The idea is to provide an alternative to digital cash allowing faster transactions and increasing financial accessibility.

Its centralized nature allows the government to directly issue currency to citizens at the whim of central banks

This obviously means that they can not offer the same level of autonomy or censorship resistance that bitcoin offers

The fact that its implementation can lead to potential surveillance and increase government control over finance is something to be worried about.

Considering the fact that bitcoin has earned an high level of trust, security and borderlessness from it user with an inherent monitory policy brings the big question;

Do we really need cbdc now?

They are really threaten with the existence of crypto that's why they introduce that because those officials are afraid that their own fiat will get dominated by some crypto in future. But if your question if we really need CBDC? maybe for legal talks if this is widely introduce by our government then yes since we need to use to to make our transaction legal to them but if not and declared this as an option only then we don't actually need that since we have a lot of stable crypto to choose and its up to the people if they adopt what those people created. But CBDC existence is not really a bad idea since somehow we can assure that there's legal authorities monitoring its circulation and maybe for using this we can be away from harmful hackings or any illegal conditions.

[bluebit25]

The problem is not so serious that it makes us nervous, I used to like the idea of ​​CBDC quite a bit but then it appeared and the development of crypto will still increase over time.

Regarding the ideas and issues that CBDC is aiming at, I just imagine that at that time we were in a period of time where the economy, technology,... had all reached a strong state so that at that time people no longer thought that forcing property issues, or instruments for conversion.

It seems like I've also heard about CBDC testing in China, and I feel like they are taking future-oriented steps in technology and testing many things China's digital yuan stands out in cross-border pilot in a show of global ambition

[BALIK]

-snip

Do we really need cbdc now?

There is a truth that you need to accept that, whether we need CBDC or not, it will still be issued by the government and in the further future, it can even completely replace paper money. So as long as the government still controls us, it is mandatory for us to use fiat or CBDC in the future, we have no choice whether we want that to happen or not. 

But I find it inappropriate to compare bitcoin with CBDC because they are completely different, if you want to compare you should compare it with stablecoins rather than bitcoin. Since CBDC is just a digital version of fiat currency and fiat cannot compete with bitcoin, and neither can CBDC.

[LucyFurr]

Do we really need cbdc now?

CBDC concept isn't new and already in the circulation even in countries like China but do you really see CBDC as a threat to bitcoin?

Nah, it doesn't even has the ability to take down the paper money.

[EarnOnVictor]

Do we really need cbdc now?

For those who prefer anonymity and privacy preservation, No, Bitcoin will do just that. But for those who don't care about anonymity and privacy, especially the government and legal businesses, Yes.

Bitcoin is decentralized, while CBDC is centralised, so for monitoring, regulation and taxing, Bitcoin can't help any nation achieve that success.

No company can operate 100% with Bitcoin, that is not just possible. But they will be allowed with CBDC and also have better rest of mind since it is central bank backed and controlled and is such that will properly be accounted for the economy, unlike Bitcoin.

[Antotena]

CBDC (central bank digital currency) are digital representation of a country's official currency managed and regulated by a central bank. The idea is to provide an alternative to digital cash allowing faster transactions and increasing financial accessibility.

Its centralized nature allows the government to directly issue currency to citizens at the whim of central banks

This obviously means that they can not offer the same level of autonomy or censorship resistance that bitcoin offers

The fact that its implementation can lead to potential surveillance and increase government control over finance is something to be worried about.

Considering the fact that bitcoin has earned an high level of trust, security and borderlessness from it user with an inherent monitory policy brings the big question;

Do we really need cbdc now?

CBDC is not related to bitcoin, I'm not sure if they have anything n common, if you have said stablecoins now and CBDC, then there are some similarities.

Bitcoin is a decentralized digital currency, by decentralization they don't have any middle man that control it's operation. The performance is based on peer-to-peer people around it's ecosystem, the network security is also dependent of the people around it.

 CBDC is a stable digital currency that central banks like to issue, it is going to be control and manage by the central bank, it's affairs are not restricted by commercial banks, anyone can use it any where and anytime but they are regulated in a such a way that you can be restricted if you violate any rules of the CBDC, this is Hy it's not good to use it in the first place because it's not your key or your coins.

Stablecoin work in this manner. The difference between CBDC and stablecoins is that one is control by central banks and the other is controlled by group of people that form a company.

[benalexis12]

We the people of any country do not need that country to issue cbdc’s.

but many countrie’s governments are desperate so they may try a cbdc to make a bailout won’t as they are bound to fuck them up 🆙

In any case, the CBDC's supporters are undoubtedly strong, even if we don't want to. You are aware of what is taking place at this time because some believe that the CBDC has the potential to transform the financial sector and make it more accessible and secure in the long run.

There's a chance that the government will just use this CBDC surveillance to regulate the banking system. Although I believe it is doable, the CBDC may face difficulties as a result.

[Dunamisx]

Considering the fact that bitcoin has earned an high level of trust, security and borderlessness from it user with an inherent monitory policy brings the big question;

Do we really need cbdc now?

Even without having upto this achievements with bitcoin, the solution is not with CBDC, what the people want is bitcoin and with some of the reasons that it's decentralized, it gives them access to control their financial economy, there's more potential future in bitcoin investment and it kicked against inflation role on its economy, people needs to have financial freedom, they don't want the banks to always have access to their financial accounts and make deductions as they pleases in form of charges, they are tired of financial embargo and lack of trust and privacy with fiat, CBDC is just a digital fiat, bitcoin which is cryptocurrency is the solution to the people's choice and desires.

[sunsilk]

CBDC (central bank digital currency) are digital representation of a country's official currency managed and regulated by a central bank. The idea is to provide an alternative to digital cash allowing faster transactions and increasing financial accessibility.

Its centralized nature allows the government to directly issue currency to citizens at the whim of central banks

This obviously means that they can not offer the same level of autonomy or censorship resistance that bitcoin offers

The fact that its implementation can lead to potential surveillance and increase government control over finance is something to be worried about.

Considering the fact that bitcoin has earned an high level of trust, security and borderlessness from it user with an inherent monitory policy brings the big question;

Do we really need cbdc now?

Nope.

It's just the gimmick of the governments because they're seeing that the attention of their people are going on with the cryptocurrencies, mainly in Bitcoin. And in comparison and just to add some competition, they think that CBDCs are going to be par with it but it's far from what made people dwell into cryptos.

They already have their cash and digital cash which makes transactions cashless so there's really no need for any CBDCs if they already have their control over their fiat whether in physical and in online attributes.

There are already a lot of things for them, aside from these CBDCs, the digital cash or ewallets and typical payment methods, stable coins that are centralized and what more?

[Reid]

They want people to see that they can also create a Bitcoin-like currency. That's where CBDC will come in. Do we need it? Absolutely not. Fiat money can be digital and it's actually happening in the past and today.
There are applications who offers a wallet like digital currency where you can keep your money and it's usually the banking industry who are using these features. Credit cards are also means of digital currency. So where do CBDC come in? None. As long as the banks have the numbers then they don't really need it. Cash will become an asset like gold where it will just be kept but not moving from one hand/person to another but only one bank to another.

[hugeblack]

The CBDC will be a central currency and will be issued by the central bank. Therefore, there is an entity that will support it and confirm that it has value. This entity is trusted by many people and therefore they are forced to deal with it if the government issues a decision to do so. It is true that adoption will take time, but in the end it is a form of institutional and central money and the opinions of individuals. It will not change the decisions of countries, especially if it facilitates transactions and eliminates the need for an intermediary role, whether that intermediary is a bank, payment service, or credit cards.
CBDC is a way of printing money, so we can say that CBDC is VS cash and not crypto it is like comparing Ferrari and F35

[DrBeer]

CBDC (central bank digital currency) are digital representation of a country's official currency managed and regulated by a central bank. The idea is to provide an alternative to digital cash allowing faster transactions and increasing financial accessibility.

Its centralized nature allows the government to directly issue currency to citizens at the whim of central banks

This obviously means that they can not offer the same level of autonomy or censorship resistance that bitcoin offers

The fact that its implementation can lead to potential surveillance and increase government control over finance is something to be worried about.

Considering the fact that bitcoin has earned an high level of trust, security and borderlessness from it user with an inherent monitory policy brings the big question;

Do we really need cbdc now?

To answer once again about CBDC : it is not what we all dreamed of. It is not "blockchain and security for the masses", it is total control and complete management of your money, which will be in the hands of the state. Read about the implementation of this technology, it is a "blockchain hell" which just crosses out all the advantages of this wonderful technology and ideology. But... most likely - there's no turning back now

[Ever-young]

You don’t need CBDC but you need digital bitcoin (digital currency)
The government believe the people are into bitcoin because it’s a digital currency so why not give them that digital currency that they so much admire. That’s how they come up with something that they think the people will also want to make use of, it’s just like if you can’t talk them out of it why not make something that will look like it that can drag them back to the local.

Bitcoinners don’t need CBDC, but their centra bank don’t want to be pushed out of business so they want to tap into the innovation of blockchain technology, so they give you a digital currency which they can still control so what’s the difference? Nothing really do their purpose is also not going to be fulfilled as not much of the people will want to use something that still so much centralized.

[vv181]

Considering the fact that bitcoin has earned an high level of trust, security and borderlessness from it user with an inherent monitory policy brings the big question;

Do we really need cbdc now?

The fact Bitcoin may offer a solution won't stop the government from developing and implementing the system. A few points to note, bitcoin has no legal positioning, its adoption is lacking, and the trust is mainly preserved by those who are familiar with it. Generally, bitcoin is far from widespread usage, bear in mind that its user experiences are also far from good, and the onboarding process is tricky for many people. We can not expect the current condition of what this space offers to be enough as a reason people reject CBDC from development till its inception.

[wallet4bitcoin]

Do we really need cbdc now?

NO!

The idea behind the CBDC across various countries is, amongst others, to digitally represent themselves in the new technology and also have swift tranfers but neglect the very blockchain onus, which is, by far, the most proritised reason for the blockchain technology.

Whether they introduce the CBDC or not, the blockchain technology has come to stay and they can only try but becoming a worthy competition isn't possible as their motive and that of blockchain isn't the same.

[Razmirraz]

If the benchmark is that countries need to issue a CBDC because they want to keep up with current technological developments, we don't really need a CBDC based on necessity. We just turn fiat money into Bitcoin, then why do we keep CBDC. The government wants to change views and indirectly indoctrinate people's brains about the importance of CBDC which can make everything easier. The government forgot that we already have multifunctional coins that can be used to invest and make payments for goods and services.
CBDC is just a sensation for the government to entertain themselves, people will prefer something more profitable than storing products that can be affected by inflation.