Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: F for Fish on September 23, 2022, 11:10:42 PM
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I saw this news and it got me thinking if the growth of Bitcoin in United States is gonna be hindered since the government plans on introducing digital dollar. Though I've no idea how it's gonna work.
The White House is urging the Federal Reserve to explore the launch of a digital dollar, or Central Bank Digital Currency, which would be controlled by the Fed. This identical digital twin of the dollar would be completely regulated.
A U.S. digital dollar "facilitates faster cross-border transactions and is environmentally sustainable," the Biden administration explained. "It could promote financial inclusion and equity by enabling access for a broad set of consumers."
It could also "protect against cyber and operational risks, safeguard the privacy of sensitive data, and minimize risks of illicit financial transactions."
In addition, the White House believes a U.S. digital dollar "could also help preserve U.S. global financial leadership, and support the effectiveness of sanctions."
I myself don't think this will be that much of an issue since the so called "Digital Dollar" is still gonna be controlled by the Federal Governments which makes it not decentralized unlike Bitcoin.
But what do you think?
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I am not seeing CBDCs to be affecting Bitcoin directly...instead am seeing it to be helping people to get more into Bitcoin as these digital dollars can then be integrated with different platforms that are also working with cryptocurrency. In other words, these digital coins issued by the governments can be acting like stablecoins...and we know that the introduction of stablecoins never affected Bitcoin and they even enhanced Bitcoin and the rest of the altcoins market. This is not going to be a threat to Bitcoin but there is a possibility this can be affecting the existing stablecoins we have.
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In my opinion, CBDC is part of crypto though control by centralized authorities. CBDC is regulated by governments in various countries and I think it is a way to boost Bitcoin adoptions globally. The fear of Bitcoin is the beginning of CBDC global adoptions, as it stand, the technology that brought about Bitcoin, the Blockchain, is a solid invention and there no is doubt about it hence there arise some need to quickly come up with CBDC to help limit a possible dominance or infects over fiats. This is my thoughts.
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The dollar can threaten bitcoin only in one case, if the dollar drops to one cent. There is no longer any case to threaten bitcoin, it is steadily growing with an increase in bitcoin's capital.
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Bitcoin will not be threatened by anything, unless they (the government shuts down the internet)
Dollar Digital is not going to change things, not even The FED has permission to regulate Bitcoin because Bitcoin is decentralized. I would like to see what kind of Digital Dollar they are making, even Binance already made BUSD with lower transaction fees than banks
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I myself don't think this will be that much of an issue since the so called "Digital Dollar" is still gonna be controlled by the Federal Governments which makes it not decentralized unlike Bitcoin.
Of course, it is controlled by the government. And it should bring no significant impact on crypto world. It is unlike Bitcoin which has a big influence on crypto world as a whole. In my opinion, the digital dollar is just another form of the physical dollar, nothing changes. US government may try to follow Yuan digital like China government.
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We have been worried about CBDC in 2020 and the growth of stable coins like USDT and USDC. The fact is that stable coins make bullruns stronger, investors more accessible and market participants. BTC also received a positive impact from the development of these financial products. We should not worry about their birth and popularity.
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No, I think digital dollar is not a threat for crypto currency , in my opinion we will see good competition there.
If the government have own digital currency, it's good for crypto world.
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I think both are different thing, crypto will always have other community besides digital dollar.
But I think It's good, we can see many digital coins or tokens at the coming years.
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yeah , I think digital dollar will be theat for bitcoin at the coming years.
Digital era wil come, I think It's the reason we will see many new coins from the government
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yeah , I think digital dollar will be theat for bitcoin at the coming years.
Digital era wil come, I think It's the reason we will see many new coins from the government
I think both will grow together, but I didn't know about the value of digital dollars.
It's like stable coins or not.
If like stable coins, I think It won't be a threat for crypto currency.
That's my opinion.
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The US Dollar is FIAT Currency. That means nothing tangible is actually backing it. Bitcoin is the "Savior" of anyone who invests in it, because it's property ( not currency ), decentralized ( no Government or Bank controls it ), and the transactions do not require any intermediary, because all transactions are P2P ( Peer to peer ) in a Blockchain ecosystem. So, the "threat" isn't to us, the people, but the "threat" is actually, to the World Governments and the centralized Banking systems of every Nation on Earth.
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In my opinion, CBDC is part of crypto though control by centralized authorities. CBDC is regulated by governments in various countries and I think it is a way to boost Bitcoin adoptions globally. The fear of Bitcoin is the beginning of CBDC global adoptions, as it stand, the technology that brought about Bitcoin, the Blockchain, is a solid invention and there no is doubt about it hence there arise some need to quickly come up with CBDC to help limit a possible dominance or infects over fiats. This is my thoughts.
The digital dollar cannot threaten bitcoin or any other cryptocurrency just as the dollar itself does not threaten the cryptocurrency. The introduction of a digital dollar is only an improvement in the non-cash money of the state and it has nothing to do with cryptocurrency. At the same time, CBDCs are not a cryptocurrency, although in most cases they use blockchain technology. The direct competitors of the digital dollar or other CBDCs are non-state stablecoins, which use the fiat of various states to provide them. Therefore, states in the future may even ban the circulation of these private and commercial stablecoins.
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Stable coins are also considered digital dollars, and now we will be happier when there are more USDT and USDC in the market, even depositing and withdrawing stable coins to CEXs is also concerned. I think CBDC is a necessary step for governments, and it can become a bridge to help bring crypto closer to the traditional economy. It will be easy for everyone to invest, own and use crypto.
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I am sure that even if the government introduces its own currency, this will not affect the price of bitcoin in any way, because this currency will still be regulated and controlled by the government, and this will not be an investment attractive component for the population, everyone likes bitcoin because it is at least no one can control me, except of course the speculators in the market, but nevertheless, he has an excellent history of creation and a huge community.
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I don’t think any government created digital currency, wether stable coin or crypto coin/tokens will not in any way dominate bitcoin or any other crypto. Bitcoin remain the king of all crypto and I don’t see any coin overtaken bitcoin. Government digital coin may find it difficult to measure up with bitcoin, ethereum, Solana, BNB, ADA etc. and no amount of markings, promotion, or advertisement will make government owned crypto dominate these numbers of crypto mentioned here in my opinion.
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I don’t think any government created digital currency, wether stable coin or crypto coin/tokens will not in any way dominate bitcoin or any other crypto. Bitcoin remain the king of all crypto and I don’t see any coin overtaken bitcoin. Government digital coin may find it difficult to measure up with bitcoin, ethereum, Solana, BNB, ADA etc. and no amount of markings, promotion, or advertisement will make government owned crypto dominate these numbers of crypto mentioned here in my opinion.
You're right, I think the government will create digital currency but just stable coins.
I don't think the govs will create other
I think digital dollars is not threatened for crypto currency, they will grow together
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digital dollar, I think It's the government way to against crypto currency.
It's the best way to do of the government.
I think I agree digital dollar and crypto will compete at the coming future.
Let's see
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digital dollar, I think It's the government way to against crypto currency.
It's the best way to do of the government.
I think I agree digital dollar and crypto will compete at the coming future.
Let's see
The government has no chance to against crypto. I am not sure the digital dollar will cause crypto to disappear. Since crypto is getting popular around people in the world, people think it is already a necessary part of our life. People are interested in crypto because it is decentralized and easy to use. While the digital dollar is just another form of the physical dollar, I don't think there is a new innovation here.
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Maybe we all know that USDT has the potential to create that because until now USDT can be created without stopping and has an unlimited supply meaning USDT may be used to pose a real threat because they can destroy the bitcoin price to the bottom price.
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I don't think so. The existence of Bitcoin is decentralized and also not controlled by anyone. BTC is special because everyone can own Bitcoin as they like. In this case, the expected of digital dollar will not give any high pressure to Bitcoin, moreover threaten the BTC itself.
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I don't think so. The existence of Bitcoin is decentralized and also not controlled by anyone. BTC is special because everyone can own Bitcoin as they like. In this case, the expected of digital dollar will not give any high pressure to Bitcoin, moreover threaten the BTC itself.
That's the fact, digital dollar is not a threat for bitcoin and other crypto currency.
Bitcoin is owning by everyone.
Bitcoin will survive and I think the government will create many digital currency.
But it doesn't matter
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YG, the name of the government, must have something unique to create that makes everything so strange and very foreign to hear. lol
Don't be afraid of the Digital Dollar because the cryptocurrency community already has a lot of things called Digital Dollars and we have to relax to respond.
The examples we see most often are USDT, BUSD, USDC, TUSD and so many Digital Dollar coins, whether the US government wants to create a stable coin or not but I am sure it will be a stable coin.
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Don't be afraid of the Digital Dollar because the cryptocurrency community already has a lot of things called Digital Dollars and we have to relax to respond.
The examples we see most often are USDT, BUSD, USDC, TUSD and so many Digital Dollar coins, whether the US government wants to create a stable coin or not but I am sure it will be a stable coin.
You're right, there are many digital dollars in crypto currency and They are familiar for crypto enthusiasm.
I think USDT, BUSD, USDC, TUSD are the good digital dollars as we know.
If the government create digital dollar, I think it's not big matter.
Crypto will always survive
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You're right, there are many digital dollars in crypto currency and They are familiar for crypto enthusiasm.
I think USDT, BUSD, USDC, TUSD are the good digital dollars as we know.
If the government create digital dollar, I think it's not big matter.
Crypto will always survive
The digital dollar of the states, that is, their CBDC, will only be a threat to the current private and commercial stablecoins, just like USDT, BUSD, USDC, TUSD. For Bitcoin and other decentralized cryptocurrencies, CBDCs will not pose a direct threat. Private stablecoins are already interfering with their fiat, and even more so will interfere with their future digital currency. At the same time, one should not hope that the current stablecoins will successfully compete with state stablecoins. States have many effective levers to change the situation in their favor.
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Yes, it's for sure that nothing will be more expensive for bitcoin, it will only affect the price, as you said, they will be able to influence the stake coins of USDT, BUSD, USDC, TUSD. In this case, you can only lose your investments if you transfer everything to stablecoins.
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Bitcoin remain very strong as far as digital currency is concerned, I don't see any chance that the planned digital Dalla affecting it. If the crypto stablecoins like USDT, USDC, BUSD etc has not affect Bitcoin, I think the CBDCs will not poss any problem. Bitcoin controls the market and many traders/investors consider BTC as the king.
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Bitcoin remain very strong as far as digital currency is concerned, I don't see any chance that the planned digital Dalla affecting it. If the crypto stablecoins like USDT, USDC, BUSD etc has not affect Bitcoin, I think the CBDCs will not poss any problem. Bitcoin controls the market and many traders/investors consider BTC as the king.
Yep, I agree
I think bitcoin will remain as the king of crypto currency.
Bitcoin doesn't threatened by digital dollar or other.
Because bitcoin is the pioneers and always will be
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I saw this news and it got me thinking if the growth of Bitcoin in United States is gonna be hindered since the government plans on introducing digital dollar. Though I've no idea how it's gonna work.
The White House is urging the Federal Reserve to explore the launch of a digital dollar, or Central Bank Digital Currency, which would be controlled by the Fed. This identical digital twin of the dollar would be completely regulated.
A U.S. digital dollar "facilitates faster cross-border transactions and is environmentally sustainable," the Biden administration explained. "It could promote financial inclusion and equity by enabling access for a broad set of consumers."
It could also "protect against cyber and operational risks, safeguard the privacy of sensitive data, and minimize risks of illicit financial transactions."
In addition, the White House believes a U.S. digital dollar "could also help preserve U.S. global financial leadership, and support the effectiveness of sanctions."
I myself don't think this will be that much of an issue since the so called "Digital Dollar" is still gonna be controlled by the Federal Governments which makes it not decentralized unlike Bitcoin.
But what do you think?
Don't worry about digital dollars, it's just stable coin.
Bitcoin and others will always have good future
Bitcoin is the King, I don't believe digital dollars will beat bitcoin.
It's impossible.
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agree with opinion above, I think digital dollar is not threat for bitcoin and altcoin.
We know there are several stable coins such as USDT , USDC and others
But bitcoin still exist
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To be honest, there are no barriers to cryptocurrency, if something can interfere with the development of this technology.
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I am new to the form, but I have learned a lot by reading your post. Also, I have learned many things. I hope you will help those who are new to the form by posting such posts
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I don't think bitcoin will be threatened by digital dollars.