Do we truly need cbdc when bitcoin already exist?

[Jawhead999]

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.

Why not? they're similar to stable coin, they can easily ban the usage of stable coin and force their citizen to use their CBDC. CBDC should be better in terms of regulation, while stable coin, there's no centralized entity will responsible if the stable coin get hacked or turn scam.

CBDC and Bitcoin are a different thing, they have no way to ban, but they can reduce their citizen to use Bitcoin by ban it.

[dothebeats]

Do we need them? Of course not. Will the government continue to issue it? Of course, they will. At the end of the day it doesn't really matter if we need it or not, the government will still issue it because it gives them control, control they couldn't attain with Bitcoin. The government doesn't care if Bitcoin exists, as far as they're concerned it doesn't fall into their realm of control and maintenance and thus they need to have one that can simply give that and that happens to be CBDC. Besides, if you think about it, at least those who are not aware of digital currency will be able to learn and finally experience it, mostly those who are skeptic of Bitcoin.

[BigBos]

Do we really need cbdc now?

We? To be honest, yes and no, but for the government to keep the financial system running, the answer is clear that they need a system that is able to upgrade from conventional to modern. The aim is to maintain the flow of incoming funds into an additional source of state income. And what they want is that the policy in issuing CBDC hopes that people will prioritize security. All to achieve the goal of complete control of state assets.
I'm here between caring and not, because whether CBDC exists or not, until now I have never received benefits beyond what I got from Bitcoin. So it all depends on your tastes and needs for your respective purposes in using something.

[Yogee]

[....]
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

I guess it's keeping up with the times. Introducing CBDC is a way to bring money back to the Central Banks.

Government and traditional financial institutions already acknowledged the fact that money is flowing into cryptocurrencies but those who hold crypto are probably taking their sweet time to convert back to physical or digital fiat. This may have caused liquidity problems for banks since funds are now on personal wallet or exchanges and they no longer have access to depositor's money like they used to as a result. They also want people to trust CBDC more than stable coins.

[uneng]

Do we really need cbdc now?

No, we don't. But governments aren't concerned about what people need in their countries. They are actually more concerned about their own personal interests and agendas. That is where CBDCs enter the scene, since it's an interesting concept from the centralized point of view, as it guarantees more overcontrol over citizens' finances, restraining tax evasion and bringing more income for the the public vaults.

With more money on government's pockets, it's possible for politicians to increase their wages and every additional benefits and perks they have access to through public money. Meanwhile, common citizens have less money to spend with leisure, personal development and family.

[Poker Player]

Do we really need cbdc now?

Haven't you learned yet that it's your government that needs it, not you?

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

Well, it is rather worse than printed money, because with it you have privacy to some extent. If you pay for a car or a washing machine but you give your data (for example to have it sent to your home), you don't have privacy, but in the great majority of payments, especially small ones, you do. With CBDCs everything will be registered, even when you buy a fucking chewing gum, but seeing how many people pay for that with their mobile or smartwatch they won't care. Apart from the fact that it is easier to manipulate, seizing it, putting an expiration date on it or preventing you from spending it on whatever the government deems (as if it thinks you have bought enough meat or gasoline this month).

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

This.

[topbitcoin]

Do we really need cbdc now?

Even though bitcoin has been around for a long time, this benefit has not been fully felt by everyone and even though I find comfort in making transactions using bitcoin, in several other transactions I cannot use bitcoin as the transaction medium that I use because of what I think. said before that not everyone uses bitcoin as a transaction medium. And because of the limitations of bitcoin where I live, this is what makes me still need CBDC as another transaction tool that can make it easier for me to carry out transactions. And if only bitcoin was used by most of the people in my place then I would fully use bitcoin as a transaction medium.

[Faisal2202]

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.
...............................
Do we really need cbdc now?

I think you just came to know about CBDC and asked questions like (do we really need it), but my friend CBDC is not something new instead first proposal was proposed in 1993 (by Finland but rejected). And till now, 11 countries have implemented the CBDC system and my counting might be wrong (because there might be more in numbers). Now if we talk about, whether we need it or not.

That depends on the purpose and usage of money by a person, if he wants to remain anonymous and does not want to get exposed to authorities that he has that much money, then that person has to take extreme precautions because using BTC only does not provide total anonymity. And if a person doesn't really care about anonymity and trusts their government then there is nothing wrong in using their own CBDC system. Because at the local level, it is a good thing for those countries, that have high crime rates, and there is ban or restrictions on using BTC as a payment method.

CBDC has its own benefits and cons, but in my thought, BTC has more benefits if compared with CBDC but to the locals not to the authorities that's why they are focusing on CBDC, and want to divert the interest of people from the BTC system. Because they know it is in there harm (if used by bad actors).

[sokani]

[....]
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?

Bitcoin is a uncensored, borderless, decentralized digital currency that puts power in the hands of the people. The government usage of blockchain technology in the creation of CBDC is for their own gains. CBDC is just a replica of physical fiat currency, the opposite of Bitcoin, a tool in the hands of the government to control, spy and manipulate the masses. With CBDC, you have no autonomy over your funds as it can be withdrawn, transferred or frozen at any time by the bank on the authority of the government. Do we need it? No, it will be imposed on the us anyways but we've a choice to either accept it or not.

[KiaKia]

People don't need CBDC but the government need to make one, so there for, some people will have to use CBDC because they like using everything the government tell them to, I as a person don't need CBDC, the agenda behind this CBDC is still unknown to me, maybe to ridicule crypto? I don't know, even if that's the reason, it doesn't look like it's working, especially on Bitcoin.

Now even the government want to take the power by force, that's why ETFs need to be approved, I believe more truth will come to light as we go down this rabbit hole, it's a matter of choice if anyone want to use CBDC, I mean, very few people cares about privacy this days, most people trust their government more than their own lives.

I will choose Bitcoin and few other alts over CBDC any time, that includes Litecoin and Monero, the government has been beaten by this digital currencies already, they are mad that these nobody currencies turn up to be peoples favorite today, Bitcoin is unstoppable.

[Y3shot]

Do we really need cbdc now?

The difference between CBDC and fiat is that CBDC is a digital money but it doesn't change anything,  they still belong to government and they are still controlled by the government. CBDC can never match the standards of bitcoin,  people will prefer to invest in bitcoin because of it value . CBDC belongs to the government,  it will be so much influenced and cbdc can never like bitcoin.  All digital currency that are imitating to be bitcoin ends up becoming something different.  We don't really need cbdc I don't see what benefits it will to people.

[letteredhub]

People don't need CBDC but the government need to make one, so there for, some people will have to use CBDC because they like using everything the government tell them to, I as a person don't need CBDC, the agenda behind this CBDC is still unknown to me, maybe to ridicule crypto? I don't know, even if that's the reason, it doesn't look like it's working, especially on Bitcoin. .

The necessity of the cbdc is not what bothers me in particular but their transparency and duration plan is what I am mostly concerned about. In as much as I don't side the idea of cbdc but if they are to exist for the alternative use of those that still have much trusion the government with their money and privacy at least they should be made to last long and working.
In my country the government through central bank established an E-naira electronic monetary system which didn't stand the test of time after raising hopes on the citizens for an alternative to bitcoin adoption. The bottom line is that if it's ain't bitcoin it just can't be bitcoin, because others have proven to fail.

[Alpha Marine]

CBDC is just a centralized form of Bitcoin. It's the complete opposite of what Bitcoin stands for. The government can't allow people to have control over themselves. They won't just sit by and watch that happen. They'll have to do something about it.
CBDC will be a total failure in every country.

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

They know that Bitcoin has come to stay. They can't outright ban it because that would be an infringement. There would still be ways to go around a ban even if it would be illegal. So the best way for them is to create something that can rival Bitcoin which is absurd because they're against this same coin yet making a replica.
They hope to use their creation to fight Bitcoin. Well, good luck with that.

[tjtonmoy]

Do we really need cbdc now?

The question is yes in a twisted way. But also no. People are already comfortable with the traditional cash method. But the government is shoving CBDC in people's throats. Those who are comfortable with using CBDC will use it. But those who are not, they will learn somehow.  A step towards the digital world I should say. This is where my answer is yes. Because many people will learn the idea of using digital assets. That's a good thing. But if they realize that the government is using this CBDC to take more control over people, they will lean towards a more secure option. Something that will give them freedom. What's better than Bitcoin? I am sure this will lead to something good. But that depends on whether people understand the manipulation of government or not.

But if it didn't exist, then there was no need. Slowly but surely every person will understand the value of bitcoin and what it can offer. Then they will move towards BTC. But as it exists, I think it is somehow good. But it all depends on that one thing.

[mindrust]

Nobody needs CBDC’s. The world is perfectly fine without them. The governments need CBDC’s because they want to control everyone’s finances. Bitcoin is the complete opposite of CBDC’s because it doesn’t take freedom from people, it gives it to them. The govs can freeze our funds whenever they like if we switch to CBDC’s. Something like that will never happen to you with btc. We should all protest against CBDC’s and maybe the govs will step back and forget this stupid idea. Say no to fascism, say no to CBDC’s.

[ZAINmalik75]

People don't need CBDC but the government need to make one, so there for, some people will have to use CBDC because they like using everything the government tell them to, I as a person don't need CBDC, the agenda behind this CBDC is still unknown to me, maybe to ridicule crypto?

Simply, they want to control you more easily, and those who find ways to avoid taxation in different ways will be punished or caught using this system. But as said before it is optional and people can choose to use it and ignore it so I think it is not that efficient to keep track of the money. The best benefit of this technology is, that it will eliminate the corruption from roots if implemented correctly and at the right places.

For example at political funds or institutional platforms, they should also provide us the data publicly visible to us so that people can audit the transactions on their own in CBDC.

Now even the government want to take the power by force, that's why ETFs need to be approved, I believe more truth will come to light as we go down this rabbit hole, it's a matter of choice if anyone want to use CBDC, I mean, very few people cares about privacy this days, most people trust their government more than their own lives.

You are right, CBDC and the ETFs are the branches of the same tree which belong to centralized authorities. And we should avoid their usage at the professional level like for making transactions at the international level. Because we are BTC users and we should value our privacy.

[tabas]

It's like a diversion tactic from them because they can't defeat the real decentralization that's happening through the revolution of cryptocurrencies. Do we need CBDCs? No, the government needs them because that will show that they can control whatever they want to control. But as for us, we've gone through with that and done with it. Let themselves apply, invest, and work on it so that we'll have another laughing stock for which they've done way worse than the earliest and darkest days of Bitcoin.

[goldkingcoiner]

We never needed a CBDC after the creation of Bitcoin. A CBDC would have been a regulatory improvement for fiat and only for fiat. But then we would have a broken currency being endlessly printed by the government with an China level of financial dystopia where the government has to approve the things you can or cannot buy, depending on the laws and your own social credit score. Its disgusting and inhumane.

Bitcoin is the hero we need. And we should remember that.

[avikz]

I am not sure why you are comparing between cbdc and cryptocurrency. They are structurally very different. Criptocurrencies are decentralized without any Central issuing authority and cbdc are just digital representation of Fiat money. So these cannot be compared.

While we do not need cbdc but from the perspective of a government it has multifold benefits. As a citizen you lose your financial freedom and as a government they get a birds eye view of your finance. So its better to prepare mentally to adopt cbdc in very near future.

[philipma1957]

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

Well then if so it means btc was a con as it helped people think digital and then the governments of the world will do cbdc.

So my idea that satoshi was the CIA or some secret agency with a plan is bolstered yet again.  Get people to used btc  then force them to use cbdc.

It would mean btw's sole purpose was to create cbdc down the road.


we could be truly fucked.

 or not. time will tell.