Altcoins Talks - Cryptocurrency Forum

Learning & News => News related to Crypto => Topic started by: TomPluz on July 19, 2021, 01:39:52 PM

Title: Bitcoin Could Become Obsolete If...
Post by: TomPluz on July 19, 2021, 01:39:52 PM

(https://thumbor.forbes.com/thumbor/960x0/https%3A%2F%2Fspecials-images.forbesimg.com%2Fimageserve%2F60ef638b2e389ca274f50574%2F960x0.jpg%3Ffit%3Dscale)




I am not so sure with you but I find this kind of argument hilarious and with this it kinda summarizes for us the shallow  understanding that many in the government really has over Bitcoin and cryptocurrency...

Quote

Federal Reserve Chairman Jerome Powell noted that when the US launches a sovereign digital currency, it could make cryptocurrencies such as bitcoin or stablecoins such as Tether unnecessary.


Source: https://www.forbes.com/sites/anthonytellez/2021/07/14/fed-chairman-suggests-that-stablecoins-and-cryptocurrencies-could-become-obsolete-if-us-digital-currency-existed/


What can you say on his statement?
Title: Re: Bitcoin Could Become Obsolete If...
Post by: Fenix on July 19, 2021, 03:37:32 PM
The digitized currencies of the central banks of states, that is, their stablecoins, will definitely not be able to replace and make useless a decentralized cryptocurrency. They have completely different tasks and principles of functioning. The cryptocurrency was just created as an alternative to the existing payment system, and the stable coin of states, in fact, is only a kind of non-cash payments of this state. We see that even private and commercial stablecoins do not claim to replace cryptocurrencies.
Title: Re: Bitcoin Could Become Obsolete If...
Post by: TomPluz on July 20, 2021, 08:53:08 AM
Quote from: Fenix on July 19, 2021, 03:37:32 PM
The digitized currencies of the central banks of states, that is, their stablecoins, will definitely not be able to replace and make useless a decentralized cryptocurrency. They have completely different tasks and principles of functioning. The cryptocurrency was just created as an alternative to the existing payment system, and the stable coin of states, in fact, is only a kind of non-cash payments of this state. We see that even private and commercial stablecoins do not claim to replace cryptocurrencies.

These bankers are having some wild imagination. They think that having CBDCs will make people not patronize cryptocurrency like Bitcoin. They will be proven so wrong because the way I am seeing it is that CBDCs will actually make it easier for people to acquire cryptos. CBDCs can never be replacing cryptocurrencies, all because they are just digitalized versions of the fiat monies...nothing more nothing less.