Bitcoin VS cryptocurrency for the central bank

[Shaza Ahmad 1682]

There is no competition between Bitcoin and the banks, each of them has its advantages, central and decentralization, both of which cannot be dispensed. Bitcoin has the advantages of protection, anonymity and privacy, on the other hand, banks are good for those who cannot deal with cryptocurrencies.

[cryptovlek 2597]

Central bank digital coins probably will not be cryptocurrencies. They will be centralized and maybe not run on blockchain. For Bitcoin it doesn't matter these are not going to mean anything. It is the same system with another name.

[Goyaa 2414]

Central banks with their own cryptocurrency will not be as successful as BITCOIN, they are launching a centralized cryptocurrency which means they themselves can set the amount and control the price. Currently, centralized cryptocurrencies are not in demand because they will not be profitable. The central bank cryptocurrency will not compete with BTC because I think the project will fail.

[Amiami 1362]

currencies regulated by entities can become a competition for the cryptocurrencies only in regular markets, but when we talk about a decentralized environment or exchanges, it will be impossible for them to win, no one in their right mind would buy those coins with the aim of win more money, we already have a centralized cryptocurrency (XRP), is not needed other anymore.

[Sykkuno 2887]

Bitcoin is not linked to any central authority as it runs on its own and despite the efforts of central governments to create a competition by having digital national fiat currencies it will not ever affect the course of Bitcoin because it is a decentralized and independent currency from any power.

[yonkii 3205]

I think that we are talking about different assets here. It is like trying to find similarities between Tron and XRP and there are only a few. A blockchain doesn't mean that a cryptocurrency used by central banks will be something similar to Bitcoin. Only for uneducated people it will be similar.

[Fixfin 2569]

The Central Banks since the removal of the gold standard have destroyed the national currencies. In Europe the euro saved the day for many currencies that didn't have too long time to live and it created with a more strict strategy better fiat currency. But in this case too there are problems and the dollar with its collapse is dragging everything with it. Bitcoin will save us from all of these problems.

[annayks 2314]

Bitcoin usecase will be increased because of the centralized counterparts that will be the CBDCs, centralized government issued cryptocurrencies. People will notice the difference and understand why Bitcoin is important once they have in their hands an inferior digital currency.

[VijithaVarghese 1994]

Thank you for sharing this information my friend. The central bank can really play a turning point in the market of cryptocurrency. This would make a really good innovative placement for the cryptocurrency in the world economy.

[percare 3192]

On 4/22/2020 at 11:30 AM, SuperCrypto said:

Do you think that the Bitcoin status of BTC will be bad during the coming period, due to the spread of the idea of the cryptocurrency linked to the central bank,

It doesn't have to do anything that will make Bitcoin less from what it is. It is not bad news because a central bank will create something that won't be Bitcoin. It won't be decentralized and will not give financial freedom in any way to anyone.

[zhoutong 2188]

I don't think that central banks hate Bitcoin. They are scared of it because of the potential it has and maybe they will require to hold some later as its value will become very important being the best decentralized currency we have.

[Onden 2098]

The currency launched by the bank is not cryptocurrency, it is fiat money which is digital and centralized. In my opinion, fiat digital currency cannot compete with cryptocurrency, because in my opinion its value is stable and is not part of cryptocurrency. It in no way affects bitcoin and other cryptocurrencies.

[saradz 2259]

@Sykkuno @VijithaVarghese The legal status of Bitcoin differs from one country to another, but there are trends of central banks towards digital currencies, as it can be interpreted in two directions: The first is in line with the age of technology and consumers ’need for a digital payment system that integrates with their digital lives.

[Mella 3680]

I am see no reason to have paper currency anymore. It is not needed we are have our phones and every country need to be ready to abolish the previous system and use electronic cash only and that will help everybody with their commerce and not have shops to cheat customers by having too much price. There are many bad merchants that live by cheating people and they will not make it with electronic money form.

[Syedbesharat 5423]

We have XRP which is backed by banking sector and support from different companies. If banks comes into crypto they will not take down BTC after they launch own crypto currency the will only get acceptance not higher place in market. The BTC have volatility and no bank can handle volatility of own coin in crypto market. 

[Guru2050 8284]

Let me made clear that no any given currency that would be created to dominate the top leading crypto currency bitcoin, because that coin can not have similar features as BTC which makes it unique and outstanding among the rest and places it high above making it most expensive, valuable and profitable coin.

It is even at now that is realizing it potentiality of surpassing the fiat currency

[JesusFries 1958]

13 hours ago, Mella said:

I am see no reason to have paper currency anymore. It is not needed we are have our phones and every country need to be ready to abolish the previous system and use electronic cash only and that will help everybody with their commerce and not have shops to cheat customers by having too much price. There are many bad merchants that live by cheating people and they will not make it with electronic money form.

Hello. I think that it is quite impossible for paper (fiat) currency to cease as of the moment. Yes, we are in the era where technological innovations are prevalent but we must bear in mind that there are still nations that wasn't able to cope up with these changes. Ceasing fiat currency may lead these countries to their downfall aside from the fact that they are suffering from their own economical issues. Therefore, I can say that ceasing fiat currency will take a lot of time and who knows may be in the next 20 years it may happen. 

Edited November 19, 2020 by JesusFries

[Izeal 4404]

I don't think they will hate in case they will love the technology of how bitcoin works and they want to make their own blockchain as the centralized bank so that they can make their own currency as the cryptocurrencies and any other cryptocurrencies wont replace their fiat currency.

[Mella 3680]

10 hours ago, JesusFries said:

Hello. I think that it is quite impossible for paper (fiat) currency to cease as of the moment. Yes, we are in the era where technological innovations are prevalent but we must bear in mind that there are still nations that wasn't able to cope up with these changes. Ceasing fiat currency may lead these countries to their downfall aside from the fact that they are suffering from their own economical issues. Therefore, I can say that ceasing fiat currency will take a lot of time and who knows may be in the next 20 years it may happen. 

Hi dear. I am understood and it is the problems of economies in some country that do not allow this, but know that there are country as Norway, Sweden, China where the paper cash is used less than 5% and all done electronic. And more countries are increasing this. Europe has a plan to ban the paper currencies and move to electronic only. If other countries are behind in it they will need to focus on create better infrastructure on this, because with electronic it helps government in planning, increase tax collection from tax evasion and reduce corruption. These are all better with Bitcoin from other ways like bank systems but still electronic will be better from paper.

[Raqeebzy 6456]

On 4/22/2020 at 9:30 AM, SuperCrypto said:

It has become known to us that central banks hate bitcoin BTC, and other digital currencies, because of their disruptive advantages, but these banks resorted to the idea of launching their own cryptocurrency in most countries of the world, so how will this affect Bitcoin and the rest of the market?
Do you think that the Bitcoin status of BTC will be bad during the coming period, due to the spread of the idea of the cryptocurrency linked to the central bank, or will it be a regular competition, we would definitely like to know your opinion?

It won't definitely.

BTC and most other cryptocurrency are different to any other type of 'digital currency' the central banks are proposing like the digital dollars, yuan or euros mainly in the decentralization of it; something that can never be possible with governmental control currency.

After the creation and implementation of the proposed currency, the might be some restrictions on cryptocurrency but I believe it will be far from being affected.

Edited November 20, 2020 by Raqeebzy

[Kafon 0]

I don't think this will negatively affect Bitcoin, on the contrary, it will make it easier to buy bitcoin, as we all know that some countries have a hard time buying their citizens' digital currencies due to strict laws towards this powerful technology.

[Tine0313 3053]

If central bank hate crypto, i think af the very beginning they get rid of it but bitcoin was known after few years since it was made and i think they hate it because they cannot control it because of its being decentralized.

[fanylu 505]

Many of the people like Bitcoin because it has a very high market value and no one can control this type of currencies, although central banks think to create their own currencies, it does not open any threat, only a good competition from which bitcoin could be victorious.

[MoralStories 1127]

If that becomes possible to hold the cryptocurrancy for the users by bank it will make the cryptocurrancy paralysed such as what happened with the fiat which can not be controlled by us.

[wassim19 645]

The digital currency is a decentralized currency, and no one can control the price of the currency, deals or investment, and banks want to control digital currencies by issuing their own digital currencies as banks want to control this field