Do we truly need cbdc when bitcoin already exist?

[Smartvirus]

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 🆙

When I got home, I made a bee-line to my computer and did some googling to see if that was true.  I got down on my knees and prayed to my fallen angel of choice that it was some sort of hoax or rumor that isn't true.

As to OP's question.  Governments want to control the currency their citizens use.  With bitcoin they can't do that.  It's just that simple.

Of course government would always want to stick with what they can control and the power of fiat yo set in motion various conditions that they need functional within their jurisdiction. I can’t blame the government for that and in fact, it’s what should be the case. Bitcoin shouldn’t be an exclusive idea as, it’s supposed to be complementary on the exiting fiat and let’s not soon forget, Bitcoin has got its limitations too for which fiat can fill in.

One thing I’ve noted is how citizens seems yo blame the government over any effect from a bad decision and with that, how can the government manage effects from a commodity they can’t control. It would be a world of noise should any negative effect arise from that.

CBDC is digital fiat and as such, having to recall any physical fiat paper money in circulation to fully implement the CBDC would be such a bad decision as by some means, you cut out the population that uses it which includes a the physically challenged. Let’s not forget, there are those that can’t use internet enabled device even when they are aware of its existence.

[1714653669]

1714653669

[Argoo]

What worries me is that the governments of countries are now actively testing their CBDCs. I get the impression that some kind of large-scale preparation is underway for something bad. If they really want to take out all the cash and leave only CBDC in circulation, it will be damn bad, I don’t understand how they are going to do it, but I don’t even want to think about the consequences. Governments will gain enormous control over the finances of citizens, and as a result, over their freedom of action.

In this case, Bitcoin should become our salvation.

Most governments are now trying to issue their CBDCs primarily in order to maximize the efficiency of their cashless financial system. At the same time, the amount of cash will decrease, since servicing them is very expensive for the state. But it is unlikely that it will come to the complete removal of paper money from circulation. A certain part of society will not be ready for this for a long time.

Decentralized cryptocurrency will continue to exist alongside the national currency of states, and states will try through various regulatory methods to limit the growing influence of cryptocurrency on society. This will be a long process with varying success.

[Arenga pinnata]

For now, based on what I have learned regarding CBDC, the conclusion in my opinion is that we don't really need CBDC. Because even the current banking system can now carry out digital transactions with fiat currency. Even now in big cities people are starting to rarely carry cash. Now payments are even more often made with E-Wallets, debit/credit cards, M-Banking and others such as digital wallets and the like. So I think CBDC will only make us have less and less privacy in our own money ownership. So financial privacy will really be reduced. Meanwhile, every human being has the right to have their own privacy in every matter, such as finances and other personal lives. And if ordinary fiat is replaced with CBDC in the next generation, perhaps financial privacy will really be lost.
But I also know that there is a positive impact from the presence of CBDC. Like being able to prevent corruption and the like. But remember, humans always have their own ways of hiding from surveillance systems.
But I prefer fiat now. And for digital, of course there are bitcoin and stablecoins.

But if CBDC can still protect our privacy then perhaps CBDC will have more positive support.

[CageMabok]

Most governments are now trying to issue their CBDCs primarily in order to maximize the efficiency of their cashless financial system. At the same time, the amount of cash will decrease, since servicing them is very expensive for the state. But it is unlikely that it will come to the complete removal of paper money from circulation. A certain part of society will not be ready for this for a long time.

Everyone can see the condition and situation of the surrounding environment or the condition of the population in their own country in the interior or remote villages so it is clear that not all people will be truly ready for the implementation of this CBDC at the same time. Because if the paper money which is still commonly used by rural communities is immediately abolished by the government, it might make things difficult for them because they are not used to digital currency or anything like that.

Decentralized cryptocurrency will continue to exist alongside the national currency of states, and states will try through various regulatory methods to limit the growing influence of cryptocurrency on society. This will be a long process with varying success.

Several countries will continue to develop CBDC to align cash users with non-cash users and it is very likely that decentralized cryptocurrencies will continue to run alongside other currencies. Both cash and non-cash models, because decentralized cryptocurrencies can also be used like non-cash currencies so they can be used to pay for goods or services as many people have done through non-cash and cash.

[MusaMohamed]

Several countries will continue to develop CBDC to align cash users with non-cash users and it is very likely that decentralized cryptocurrencies will continue to run alongside other currencies. Both cash and non-cash models, because decentralized cryptocurrencies can also be used like non-cash currencies so they can be used to pay for goods or services as many people have done through non-cash and cash.

Now, there are some countries are developing their national CBDCs and they are pioneers in CBDCs and you can follow CBDC developments with two trackers [1, 2]. I believe with success of blockchain, CBDCs will be applied in all nations globally in future.

[Guide] All about Central Bank Digital Currency.

[1] https://cbdctracker.org/
[2] https://www.atlanticcouncil.org/cbdctracker/

The question from OP is not insightful and it is like a question, do we need altcoins (alternate cryptocurrencies) when Bitcoin already exist and succeed?

[pixie85]

For now, based on what I have learned regarding CBDC, the conclusion in my opinion is that we don't really need CBDC. Because even the current banking system can now carry out digital transactions with fiat currency. Even now in big cities people are starting to rarely carry cash. Now payments are even more often made with E-Wallets, debit/credit cards, M-Banking and others such as digital wallets and the like. So I think CBDC will only make us have less and less privacy in our own money ownership. So financial privacy will really be reduced. Meanwhile, every human being has the right to have their own privacy in every matter, such as finances and other personal lives. And if ordinary fiat is replaced with CBDC in the next generation, perhaps financial privacy will really be lost.
But I also know that there is a positive impact from the presence of CBDC. Like being able to prevent corruption and the like. But remember, humans always have their own ways of hiding from surveillance systems.
But I prefer fiat now. And for digital, of course there are bitcoin and stablecoins.

But if CBDC can still protect our privacy then perhaps CBDC will have more positive support.

You're repeating the lies that CBDC promoters are spreading like the one that you will have some privacy. Wasn't it the head of the European Central Bank that said it? She literally said that you will have "some" privacy, so she knows most of it will be gone when CBDCs get introduced. The same woman also claimed inflation is caused by global warming Do you really trust these people with your freedom, privacy and money? I don't.

The only thing CBDCs will protect is the government's ability to suppress any opposition.

[bettercrypto]

As far as I can see, I did that because someone with a plan wanted to seize the position that Bitcoin is in now. We know that no one can imitate the design of Bitcoin in reality; only because of decentralization can they do that anymore. That's why they couldn't control Bitcoin for 14 years since it was created.

CBDC is still under manipulation; in fact, they are just pretending it is more than Bitcoin. But in reality, it's not, so anyone should be smart. That's why I don't believe in what CBDC can do, to be honest.

[slapper]

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 🆙

When I got home, I made a bee-line to my computer and did some googling to see if that was true.  I got down on my knees and prayed to my fallen angel of choice that it was some sort of hoax or rumor that isn't true.

As to OP's question.  Governments want to control the currency their citizens use.  With bitcoin they can't do that.  It's just that simple.

Of course government would always want to stick with what they can control and the power of fiat yo set in motion various conditions that they need functional within their jurisdiction. I can’t blame the government for that and in fact, it’s what should be the case. Bitcoin shouldn’t be an exclusive idea as, it’s supposed to be complementary on the exiting fiat and let’s not soon forget, Bitcoin has got its limitations too for which fiat can fill in.

One thing I’ve noted is how citizens seems yo blame the government over any effect from a bad decision and with that, how can the government manage effects from a commodity they can’t control. It would be a world of noise should any negative effect arise from that.

CBDC is digital fiat and as such, having to recall any physical fiat paper money in circulation to fully implement the CBDC would be such a bad decision as by some means, you cut out the population that uses it which includes a the physically challenged. Let’s not forget, there are those that can’t use internet enabled device even when they are aware of its existence.

The government controlling what it can, especially in the banking sector, is practical, right? Correct that the government wants fiat control to manage diverse conditions in their jurisdiction. With its regulatory and stabilizing capabilities, fiat currency has helped governments regulate economic conditions. Bitcoin's decentralization makes this difficult, right?

As you noted, Bitcoin has limitations despite its innovation and potential. It's not a one-size-fits-all answer or exclusive idea. It should supplement financial systems, not replace them. Your CBDC insights are insightful. The shift from physical fiat to digital currency must include all populations, including those without internet access or physical disabilities. Can we assure no one is left behind by the digital shift? It's vital to answer so innovations are accessible and useful to all

[wajik-tempe]

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 🆙

When I got home, I made a bee-line to my computer and did some googling to see if that was true.  I got down on my knees and prayed to my fallen angel of choice that it was some sort of hoax or rumor that isn't true.

As to OP's question.  Governments want to control the currency their citizens use.  With bitcoin they can't do that.  It's just that simple.

Of course government would always want to stick with what they can control and the power of fiat yo set in motion various conditions that they need functional within their jurisdiction. I can’t blame the government for that and in fact, it’s what should be the case. Bitcoin shouldn’t be an exclusive idea as, it’s supposed to be complementary on the exiting fiat and let’s not soon forget, Bitcoin has got its limitations too for which fiat can fill in.

One thing I’ve noted is how citizens seems yo blame the government over any effect from a bad decision and with that, how can the government manage effects from a commodity they can’t control. It would be a world of noise should any negative effect arise from that.

CBDC is digital fiat and as such, having to recall any physical fiat paper money in circulation to fully implement the CBDC would be such a bad decision as by some means, you cut out the population that uses it which includes a the physically challenged. Let’s not forget, there are those that can’t use internet enabled device even when they are aware of its existence.

The government controlling what it can, especially in the banking sector, is practical, right? Correct that the government wants fiat control to manage diverse conditions in their jurisdiction. With its regulatory and stabilizing capabilities, fiat currency has helped governments regulate economic conditions. Bitcoin's decentralization makes this difficult, right?

As you noted, Bitcoin has limitations despite its innovation and potential. It's not a one-size-fits-all answer or exclusive idea. It should supplement financial systems, not replace them. Your CBDC insights are insightful. The shift from physical fiat to digital currency must include all populations, including those without internet access or physical disabilities. Can we assure no one is left behind by the digital shift? It's vital to answer so innovations are accessible and useful to all

Your concerns concerning the inclusiveness of digital currencies such as CBDCs are legitimate. A digital currency transition should stress accessibility and inclusivity for all parts of society. CBDC systems must be inclusive and give alternatives for individuals who cannot utilize digital devices, according to governments and central banks. The objective should be to capitalize on the advantages of digital currencies while ensuring that everyone has access to the expanding financial landscape.

[Latviand]

Short answer is no, CBDC is just an attempt by the government to ride the hype that bitcoin and cryptocurrency has generated over the years and the government doesn't really need to be that smart to know that if people like get rich quick schemes in crypto space, they must know to join that in hopes that they can lure some of these suckers.

[Minecache]

that is true, we actually don't need CBDCs. however, for the sake of adoption from the government sector, they need to push thru this route.
well, it won't harm the crypto market as they have different purpose to serve. and also, i highly believe that it can pave the way of more crypto adoption as these users will uncover the true benefits of dealing with other cryptocurrencies when compared to the government-controlled CBDC.

Right now the adoption of CBDCs is voluntary, however you can be sure that if a crisis comes that puts fiat currencies at risk then it will become mandatory to use CBDCs, and that is when things can get really bad, as the amount of control governments will have over the whole economy and each individual will be simply too much, but ironically this could lead people to finally appreciate the characteristics of bitcoin as a currency.

Once CBDC is released and the government forces us to use it, things will be much worse than they are now. Our privacy will be seriously violated and we will no longer have privacy if CBDC completely replaces fiat currency. Furthermore, we will not have the choice of CBDC or cash, the government will definitely issue it whether we want it or not. But maybe you're right, when CBDC makes people feel like they've lost all freedom, it will most likely boost the popularity of bitcoin and I hope the government won't ban bitcoin because of that.

Although you have a point, I doubt they'll replace fiat currency fot CBDC, at least not in the near future. Replacing fiat currency will take a lot of time and changes, not only for the people but the law as well. Hence, I don't think the government will be able to force us to use CBDC for now or in the next few years.

Yes, I just said that they will find a way to replace cash with CBDC but that doesn't mean that will happen anytime soon. Although we are developing rapidly, there are still many limitations, many parts of the world still do not have internet or many people have difficulty using smartphones, especially the elderly or people with disabilities...So implementing CBDC and completely eliminating cash will not happen anytime soon, but I believe that is their goal as our world is becoming more digital.

Many years ago, we were still completely dependent on cash, but now online payments are gradually becoming more dominant, so in the distant future, it is inevitable that cash will be gradually eliminated.

[FinneysTrueVision]

With how extensive surveillance already is over people's financial activity, CBDCs really are not even needed. CBDCs are controversial so it is unlikely that we will see them anytime soon. However, in order to maintain control governments will resort to enacting stricter regulations around financial services. Just look at how rare non-KYC crypto exchanges are becoming. Bitcoin was meant to provide better privacy and control when compared to fiat but transacting with it through centralized intermediaries often requires providing an extensive amount of personal information. This information can be used to keep track of you in order to restrict how you are allowed to use your own money.

[el kaka22]

We do not "need" it at all, governments do. That is the point of this creation, not that any big nation has ever done it yet, but that doesn't mean that we are not going to see it happen, we are going to see it change a lot more in the near future. I think it is quite important to realize that the best way to approach this would be impossible to let it be and governments can see that tens of billions of dollars go into tether and other stable ones so they want to make sure that they get that money instead.

This means that we are going to end up with something that would not make sense for that much time, it is going to be something that would be a bit harder to handle and we need to make sure that we could cause a lot of benefit for them, that is the only reason they created it.

[Unbunplease]

I would put the question another way. Does the state need bitcoin if the state has CBDC? The likely answer to that is doubtful. Bitcoin acts as a competitor to CBDC, so the green light that the state hypocritically gives to bitcoin now could change to a red light at any moment. I personally never trust the state

[Casdinyard]

that is true, we actually don't need CBDCs. however, for the sake of adoption from the government sector, they need to push thru this route.
well, it won't harm the crypto market as they have different purpose to serve. and also, i highly believe that it can pave the way of more crypto adoption as these users will uncover the true benefits of dealing with other cryptocurrencies when compared to the government-controlled CBDC.

Right now the adoption of CBDCs is voluntary, however you can be sure that if a crisis comes that puts fiat currencies at risk then it will become mandatory to use CBDCs, and that is when things can get really bad, as the amount of control governments will have over the whole economy and each individual will be simply too much, but ironically this could lead people to finally appreciate the characteristics of bitcoin as a currency.

Whatever crisis that may be, unless it's the dwindling of resources used to create greenbacks I don't think CBDCs will be exempted to it. Plus it's going to cause a massive public outcry if they decide to push CBDCs so bad, so they're forced to be in this delicate balance of making sure that the fiat maximalists are appeased, as they push for digital currencies to be used more often. Mandatory use of CBDCs wouldn't happen in most countries as that would bar indigenous people and marginalized communities from ever getting into the economy, and that's going to stir a lot of trouble which I'm pretty sure the government doesn't want. So they'll be very careful here, and I'm pretty positive that greenbacks will continue to exist even as CBDCs take the whole economy.

[Sarah Azhari]

Do we really need cbdc now?

Yes maybe, and only used to introduce to the people who don't know what crypto is. As we know, CBDC is another form of centralization, the government tries to change the form of crypto from decentralization to centralization like fiat. but the point is we can't agree with what they doing to the people. We shouldn't be trapped if they support the crypto where the real fact is their economic enemy. Actually today, several governments are planning to make the crypto being to a fiat system. They backed it with fiat and immediately changed the cryptosystem without us realizing it. We just miss up, and hype the government to adopt the crypto where in fact they wash our minds if making crypto like the fiat system.

That is a fact, and Maybe USDT is their program without us realizing it.

[Arenga pinnata]

For now, based on what I have learned regarding CBDC, the conclusion in my opinion is that we don't really need CBDC. Because even the current banking system can now carry out digital transactions with fiat currency. Even now in big cities people are starting to rarely carry cash. Now payments are even more often made with E-Wallets, debit/credit cards, M-Banking and others such as digital wallets and the like. So I think CBDC will only make us have less and less privacy in our own money ownership. So financial privacy will really be reduced. Meanwhile, every human being has the right to have their own privacy in every matter, such as finances and other personal lives. And if ordinary fiat is replaced with CBDC in the next generation, perhaps financial privacy will really be lost.
But I also know that there is a positive impact from the presence of CBDC. Like being able to prevent corruption and the like. But remember, humans always have their own ways of hiding from surveillance systems.
But I prefer fiat now. And for digital, of course there are bitcoin and stablecoins.

But if CBDC can still protect our privacy then perhaps CBDC will have more positive support.

You're repeating the lies that CBDC promoters are spreading like the one that you will have some privacy. Wasn't it the head of the European Central Bank that said it? She literally said that you will have "some" privacy, so she knows most of it will be gone when CBDCs get introduced. The same woman also claimed inflation is caused by global warming Do you really trust these people with your freedom, privacy and money? I don't.

The only thing CBDCs will protect is the government's ability to suppress any opposition.

Well, like that. That's why I said that I don't need a CBDC. Because CBDC does not offer privacy rights to users holding CBDC money later. Because it is centralized and I think the CBDC system is too transparent. If Bitcoin offers only transparency in transactions. But privacy is maintained. Well, this CBDC offers transparent transactions but privacy is maybe also not maintained. This is what makes me and maybe many other people not interested in CBDC. But as I said at the end of my previous reply. That if CBDC can maintain privacy then that will be good and will definitely get a lot of support. But unfortunately all of that is impossible to happen. Because everything was created to make it more centralized and easier to track the flow of money itself. Because there will be nothing left to hide. And I don't think i need this. Because fiat is now far from enough.

But perhaps only those of us who think like this know and are familiar with crypto and bitcoin. But we have to know that there are many people out there who don't know about bitcoin and about decentralization. So they will definitely support CBDC. and the number of people who haven't gotten into bitcoin is huge.

[dothebeats]

I would put the question another way. Does the state need bitcoin if the state has CBDC? The likely answer to that is doubtful. Bitcoin acts as a competitor to CBDC, so the green light that the state hypocritically gives to bitcoin now could change to a red light at any moment. I personally never trust the state

I was also thinking of this. Although there are already some countries that legally acknowledge Bitcoin and some that are fine with it despite not having a formal legal policy or acknowledgement regarding it (like here in the country where I live in where even politicians and public figures are loud about holding and trading Bitcoin but no news or updates regarding Bitcoin being banned or legalize is happening) I think once CBDC gets adopted by many countries Bitcoin will be tagged as a red flag for the government. We can think of CBDC as the government's way to advocate and offer digital currency but not by way of Bitcoin but through their own system-one that they can control.

[KingsDen]

Short answer is no, CBDC is just an attempt by the government to ride the hype that bitcoin and cryptocurrency has generated over the years and the government doesn't really need to be that smart to know that if people like get rich quick schemes in crypto space, they must know to join that in hopes that they can lure some of these suckers.

We do not actually need CBDC but the government needs it to control and sensor us. Meanwhile, I think that there is no comparison between CBDC and bitcoin. These two are totally on different lanes. While there is a close relationship between CBDC and some stable coins pegged at country's fiat. Just like that of USDT and USD, naira and e-naira. Bitcoin its own is purely decentralized and has no influence of the government.

Even if we do not need CBDCs, I have the feeling that we all would soon be forced to like it and the only way to escape the compulsion is decentralisation.

[nurilham]

Bitcoin acts as a competitor to CBDC, so the green light that the state hypocritically gives to bitcoin now could change to a red light at any moment. I personally never trust the state

Bitcoin exist first, the government just made CBDC in the last few years. So, CBDC seems to act as the competitor of Bitcoin. But it will never has the ability to compete Bitcoin because it has no value as well as Bitcoin. For me CBDC is a digital form of government currency it has no difference with fiats.

Regarding the red light for Bitcoin, it already happens many times. We must remember that there are some countries that ever ban Bitcoin and other crypto coins. Now, they may not ban Bitcoin and other crypto coins, but they can announce to ban again at any time. It depends on what the advantage get by the government from legalizing or banning crypto.