Do we truly need cbdc when bitcoin already exist?

[The Sceptical Chymist]

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 🆙

I was listening to the radio the other day (AM talk radio to be precise) and the host was talking to some guy who mentioned almost in passing that it was a fact that the US government is soon going to recall all physical currency and implement a CBDC.  Mind you, I was driving when I heard this and I swear I almost drove right off the road.

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.

[1714586000]

1714586000

[1714586000]

1714586000

[1714586000]

1714586000

[1714586000]

1714586000

[1714586000]

1714586000

[Hispo]

With the amount of data collection and surveillance there is with the current platforms we have (in order to improve and make targeted advertisement and other things), a CBDC would prove to be a big tool for the governments and even corporations to insentivize consumption and credit, instead or savings and investments.

In reality, we do not need those CBDCs, the systems we have already comply with their designed function, but there is always to push some more control over personal finances...

[romero121]

We could be able to see different reasons putforth by the government and other financial authorities on the need for CBDC. No one says the truth, they want the control over the monetary system for which they keep praising CBDC in different style. People who hadn't known the real face of the government will easily fall thinking it as an advancement that is for the people's betterment in money management.

A government says, it could lower the dependence over the paper money. They never state the truth, it is the technology based usage of cash. Mention it as low cost for transaction and the ease of settlement. Mainly the profit got through cutting of paper money production were mentioned. When a banking authority were asked about the need of the CBDC, they mention as to go along with the technology and provide users with the safe technology and not fall for cryptocurrencies. CBDC isn't needed, because the CBDC is a way to control people as well as generate revenue serving as a centralized entity.

[Synchronice]

People still don't realize how dangerous CBDC really is. Money is the power and by giving them complete control on currencies, we simply put on a dog harness and give a rope to them, giving an ethernal control.

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 !!!

They will probably give away some free money but it's funny how people will have to pay for that. Their $100 will become $85 in upcoming years and that $25 will be paid back immediately with some % inflation. And people will never be able to protest because they will lose everything.

[Inwestour]

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.

[Unbunplease]

Essentially, CBDCs are only needed by the government to completely control and manage the lives of citizens. Bitcoin, in my opinion, was created to accustom people to digital money. That was the first stage.  Now states are moving on to the second stage of complete enslavement of people - CBDC. But will bitcoin be needed by the state when CBDC is successfully implemented, or will they try to destroy it?

[panganib999]

We don't. But the government needs to have a control over the digital currency world so they will continue to push for CBDCs even though there's no real need for it. They wanted to penetrate the crypto market as much as they could and it's not like they could create an altcoin cause that would be too fishy, so in order to formally establish themselves in the crypto scene without worries, they would have to create a sub-industry within the crypto world that would serve as their anchor in there, hence the CBDCs.

I don't think there's any cause for concern regarding CBDCs as they don't necessarily disrupt the market as it is, after all most of them are thought to be pegged to the country's national currency so it's bound to be stable, but there is a great chance that in the future, as more and more people use them in place of stablecoins they may hold a large amount of standing in the market that ditching them would be impossible.

[AmoreJaz]

We don't. But the government needs to have a control over the digital currency world so they will continue to push for CBDCs even though there's no real need for it. They wanted to penetrate the crypto market as much as they could and it's not like they could create an altcoin cause that would be too fishy, so in order to formally establish themselves in the crypto scene without worries, they would have to create a sub-industry within the crypto world that would serve as their anchor in there, hence the CBDCs.

I don't think there's any cause for concern regarding CBDCs as they don't necessarily disrupt the market as it is, after all most of them are thought to be pegged to the country's national currency so it's bound to be stable, but there is a great chance that in the future, as more and more people use them in place of stablecoins they may hold a large amount of standing in the market that ditching them would be impossible.

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.

[Yatsan]

It is not investors in this industry who demanded CBDC but the governments of those country where it originated. It is simply their way to earn from transactions given that most of the cryptocurrencies are decentralized including Bitcoin.Given that Bitcoin and other cryptos are not yet that ‘free’ to be used on transactions, CBDCs are being offered as an alternative for conversion and for transactions concerning fiat.

Essentially, CBDCs are only needed by the government to completely control and manage the lives of citizens. Bitcoin, in my opinion, was created to accustom people to digital money. That was the first stage.  Now states are moving on to the second stage of complete enslavement of people - CBDC. But will bitcoin be needed by the state when CBDC is successfully implemented, or will they try to destroy it?

In this industry, Bitcoin and the likes will still be needed. Moving completely to CBDC has nothing much of a difference with using Fiat. For now, making it an alternative is what we can do as consumers and investors but let us hope for a better future for this industry.

[Silberman]

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.

[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.

[dothebeats]

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.

[bayu7adi]

Do we really need cbdc now?

From the perspective of BTC enthusiasts, the existence of CBDCs may be seen as a nightmare. However, up to this point, it's the government that holds the reins of adequate infrastructure growth to cater to user needs. Therefore, CBDCs, in general, hold significance, even though the concern lies in the potential for arbitrary government actions.

If we rely solely on BTC for further development, it seems like it will take quite some time. Moreover, the next challenge is that many people are using BTC not for transactions but as an investment due to its uncontrollable volatility. I still hold respect for BTC as the trailblazer, but the government has a different stance by embracing CBDCs.

[Gyfts]

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?

One of the limiting factors for Bitcoin is the capacity of the network and even the total volume of bitcoin in existence. You could argue that Bitcoin itself suffers from a form of inflation, because every year a certain amount of coins will be lost for a whole variety of reasons, from dust left over in transactions to wallets lost by owners. This makes it hard to realistically fit all the transactions that even small countries need on to the existing blockchain at a reasonable level. Certain countries may choose to take on a CBDC project to experiment with creating a truly digital currency but need it in a more contained and sterile environment compared to the constant fluctuations you see on pre-existing crypto

Total volume of coins does not matter, nor has it ever mattered for purposes of a currency. As long as an individual coin can be adequately divided, the purchasing power each coin provides is what counts.

Whatever coins are lost along the way makes the coins that are already on the moveable more valuable. Bitcoin doesn't have a fixed value and so the fixed supply isn't a limiting principle.

[Mate2237]

If I may answer you question, I will say yes we need it. Before then let highlight one of the reason of the creation of CBDC. In my country CBDC was created after a very serious protest by the youth to end police brutality. And in the protest the youth spent lot of money for the feeding of protesters on the streets for day and night and also providing materials for the protest. So after the protest, country Government was trying to arrest some of the key players of the protest and seized their Sources of income and funding but they discovered that the youth was using bitcoin to fund the whole action.

So when they saw that the youth digital currency to make their transactions, they created the CBDC and till today the uses is very low. But when I looked at it. It is good to use it because it makes transaction easy and if the country support bitcoin then CBDC will be very sweet because the transaction will be nice.

[darkangel11]

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 🆙

I was listening to the radio the other day (AM talk radio to be precise) and the host was talking to some guy who mentioned almost in passing that it was a fact that the US government is soon going to recall all physical currency and implement a CBDC.  Mind you, I was driving when I heard this and I swear I almost drove right off the road.

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.

There's a devious plan by the WEF that wants to implement total control of citizens and some countries are test grounds for that.
The deal is to track people using cameras and digital IDs and they've already tested this during COVID when they tried to make people use curfew tracking apps. In the EU these apps were mandatory, but you could easily weasel out of them by claiming your phone has no Internet access or cannot install apps.
If you were dumb enough to install them, they promised to make your curfew tracking easy, as you'd have a counter on your phone telling you how long you have to stay at home, and the app allowed you to report yourself as sick with just a few clicks. The downside of this was that the app required you to take a selfie and upload to their database, so they can easily come to your house and check if the person inside is the one that's supposed to be locked in, and track your phone to know if you're away from your "prison."
In the long run this was supposed to be a way to track your movement within your "15 minute zones" so that you can be charged additional tax for traveling too much and polluting the planet
CBDCs are another step in that direction and each of these steps is tested somewhere else.
Cash was recalled in Sweden, 15 min cities were tested in the UK, social scoring is tested in China and Canada tried control through account locking.

[BitcoinPanther]

The government has a need to issue CBDC to compete against the growing popularity and usage of cryptocurrency but as people, i do not think there is a need for that not because there are already Bitcoin but because financial institutions had already engaged in digital transfer through online banking.  I believe CBDC is the action of the government to say they are updated of the current happening in financial sector.

[pixie85]

I've watched a video today where a guy was complaining that people fight against 15 minute cities and CBDC since it's all good and made for their convenience.
He also referred to people who do it as "libertarian crypto bros." What does this name even mean? Do all libertarian like cryptos, or maybe crypto fans are libertarians according to that man, but the strangest thing is that libertarians are attacked as people who don't like progress because it limits their freedom.
Sounds like something a slave owner would say to his slaves -you people don't know what progress is, but I want all the best for you! I want you to be happy and I don't want you to travel very far. You've got all the things you need here on my farm!

[Cryptomultiplier]

The government has a need to issue CBDC to compete against the growing popularity and usage of cryptocurrency but as people, i do not think there is a need for that not because there are already Bitcoin but because financial institutions had already engaged in digital transfer through online banking.  I believe CBDC is the action of the government to say they are updated of the current happening in financial sector.

The action of the government indeed. CBDC is supposed to confuse people into thinking that crypto currency is a scam project and not real to invest in.
CBDC is also digital money, but it fails to provide an opportunity to those without money to earn. This is one area in which BTC has won and why it is clearly distinct from the CBDC.

[SatoPrincess]

Do we really need cbdc now?

Personally I don’t think there will ever be a time where we as a people will need CBDCs. This is a project of the government for their own selfish interests. It’s the ultimate tool of a totalitarian government, when CBDCs becomes a norm and the government has complete control over your money, any opposition to the rule of the government will be easily snuffed out. It is modern day slavery in my opinion.