Do people actually want CBDC?

[avp2306]

I keep seeing people talk about CBDC like it's some kind of "next step" for crypto, but honestly I don’t really get it.

To me it looks like the opposite of what crypto was created for.
No decentralization, no real privacy, everything tracked. Yeah, they say it’s about security and convenience, but if every transaction is visible and can be controlled, then what’s the point?

Feels like people are slowly getting used to this idea that full financial surveillance is just normal.

I don’t think CBDC will kill crypto, but it might split users into two groups:
those who don’t care much about privacy and those who actually do.

Curious what you guys think - is this really the future or am I missing something?

If people really want CBDC then look at on where it was today, they still continue on their never ending pilot stage. Also people have mix opinion towards this, many prefer to choose crypto or those traditional digital banking system than CBDC's.

But well we cannot figure out what's going to happen if there's sudden shift of interest. Since if government will push the usage of CBDC then maybe lots of people will simply follow.

CBDC will not kill crypto and I believe it will co-exist together. Many people would still prefer to have crypto than to own CBDC's.

[justdimin]

If people really want CBDC then look at on where it was today, they still continue on their never ending pilot stage. Also people have mix opinion towards this, many prefer to choose crypto or those traditional digital banking system than CBDC's.

But well we cannot figure out what's going to happen if there's sudden shift of interest. Since if government will push the usage of CBDC then maybe lots of people will simply follow.

CBDC will not kill crypto and I believe it will co-exist together. Many people would still prefer to have crypto than to own CBDC's.

Wanting CBDC and expecting it to happen quickly is not the same. I do desire one, because I do not want to use tether, and I do not want to tie all of my money into some random company, never did and never liked it. But that doesn't mean that I am going to be fine about it on the long run, it is not going to work and we should stay away from it.

I try to make sure that we are dealing with something that is getting risky, and that is why we are not getting a great result neither. We should stay away from CBDC until they perfect it, but after that? I will use it instead of tether or USDC.

[Jegileman]

Yeah, agreed. If people start using CBDC and realize how limited it is, maybe that pushes some of them towards real crypto instead

People waiting to embrace CBDC are just as good as them continue using their fiat currencies, because there is nothing so special about it and characteristics features that makes it want to compare with bitcoin or real crypto coins that values privacy. This is just another fiat in form of digital representation, so don’t fall for it and make sure that the hypes don’t make you rate it or want to subscribe to it other than the real digital currencies like bitcoin.

[Abiky]

If people really want CBDC then look at on where it was today, they still continue on their never ending pilot stage. Also people have mix opinion towards this, many prefer to choose crypto or those traditional digital banking system than CBDC's.

But well we cannot figure out what's going to happen if there's sudden shift of interest. Since if government will push the usage of CBDC then maybe lots of people will simply follow.

CBDC will not kill crypto and I believe it will co-exist together. Many people would still prefer to have crypto than to own CBDC's.

CBDCs not "killing" crypto is debatable. Because once governments force their use, people will have no other choice but to abandon crypto in its entirety. Like countries making crypto "illegal" after the launch of CBDCs. It won't stop crypto because of the way it was designed (decentralization). But it will slow it down, to a point where it would be almost irrelevant in the mainstream world.

It's banks' and governments' game. Don't expect this to change anytime soon. At least, we can use crypto "behind the scenes". It could've been worse, right?

[ivrynx113]

I guess people would also adapt to CBDC however, once they realized it is just like fiat money wherein the transaction are centralized, they could just go to their banks and download their application and its the same thing. Cryptocurrency was made as an alternative form of payment, and now a lot of people have adopted it already, there's no way we are going back to the fiat system, this time in a form of CBDC,  in the long run, this will fail.

[TastyChillySauce00]

I guess people would also adapt to CBDC however, once they realized it is just like fiat money wherein the transaction are centralized, they could just go to their banks and download their application and its the same thing. Cryptocurrency was made as an alternative form of payment, and now a lot of people have adopted it already, there's no way we are going back to the fiat system, this time in a form of CBDC,  in the long run, this will fail.

That's what exactly gonna happen, CBDC will predates fiat market share and not crypto. Crypto can be a big thing because it has unique characteristic such as not controlled by government.
If CBDC is to exist, the first thing it replaces is bank transfers.

[DanWalker]

I guess people would also adapt to CBDC however, once they realized it is just like fiat money wherein the transaction are centralized, they could just go to their banks and download their application and its the same thing. Cryptocurrency was made as an alternative form of payment, and now a lot of people have adopted it already, there's no way we are going back to the fiat system, this time in a form of CBDC,  in the long run, this will fail.

That's what exactly gonna happen, CBDC will predates fiat market share and not crypto. Crypto can be a big thing because it has unique characteristic such as not controlled by government.
If CBDC is to exist, the first thing it replaces is bank transfers.

Remember that bitcoin and  crypto were created to be an alternative, not a complete replacement.
Government will never agree to and allow things that are not created and controlled by them to replace the financial systems they manage and rely on.

Therefore, if they really want to deploy CBDC, it will almost certainly replace and take market share from fiat whether we like it or not.

[Conqueror777]

When we talk about crypto, we always look at the main point of focus, which is Bitcoin. If you go look through the Bitcoin white paper and see through everything Satoshi said, you will clearly see the reason why Bitcoin was created as an alternative decentralised payment system away from the centralised government-backed fiat system that is prone to inflation and can be printed at any time they want.
CBDC's are just an extension of the traditional fiat system... Nothing new. They will only slow down crypto adoption. The actual crypto.

I totally agree with that statement. In my opinion Bitcoin should stay decentralized as it was meant to be.

[bitgolden]

CBDCs not "killing" crypto is debatable. Because once governments force their use, people will have no other choice but to abandon crypto in its entirety. Like countries making crypto "illegal" after the launch of CBDCs. It won't stop crypto because of the way it was designed (decentralization). But it will slow it down, to a point where it would be almost irrelevant in the mainstream world.

It's banks' and governments' game. Don't expect this to change anytime soon. At least, we can use crypto "behind the scenes". It could've been worse, right?

Government will not ban crypto in general and force people to use CBDC, that would be counter productive. Right now they have fiat, and they are not forcing anyone to use fiat, they are allowing you to use crypto, so as you can see they already won one thing and not forcing you to use it, so why would they ban crypto after they create CBDC?

What they could do is attack all the stablecoins, and leave only the governmental ones, so it would be stablecoins that are in danger but not crypto as a whole.

[Ayers]

I do not want to use tether.
I will use it instead of tether or USDC.

Choosing CBDC over USDT or USDC just because the government is printing it is a death trap. CBDC mean full surveillance. And being a puppet of the government. If they want they can give you expiration dates for your holding. Or they can put spending limit on where and how much you spend. At least with USDT or USDC you can hide your identity to some extent. And you can keep your money with yourself.

People waiting to embrace CBDC are just as good as them continue using their fiat currencies

There is a huge mess in the privacy of CBDC. But kicking it away alone seem like a bit too much. In many country inflation is skyrocketing, Also banking system is in a terrible state. A properly designed CBDC for the common people there could be something better in my opinion.