China Could Hold 60% of the Residual Bitcoin- Tough Competition for Digital Yuan

[Selina31]

China is known for its immense mining power, can generate the majority of remaining Bitcoins in the coming days. The Digital Yuan has recorded for more than $160 million worth of transaction as of the date. Bitcoin and Digital Yuan might get into a heated battle in the coming days.
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[hair]

Is this China's move to fight the existence of bitcoin? I think bitcoin will stand firm despite the digital Yuan

[Astra]

I agree that the digital yuan and bitcoin will compete with each other as a means of payment. Moreover, the situation is not at all in favor of bitcoin. A similar situation will occur not only in China, but throughout the world, where digitized currencies of states will be issued. For the cryptocurrency in general, this will be a serious test.

[Alcor]

Is this China's move to fight the existence of bitcoin? I think bitcoin will stand firm despite the digital Yuan

In order for Bitcoin to feel good, it must be used as a means of payment, not just as a means of speculation. It still does not fully fulfill its main task. After the appearance of stable coins of the central banks of states, including the digitized yuan, the chances of bitcoin for its further use as money will fall. This will not benefit cryptocurrency.

[hair]

In order for Bitcoin to feel good, it must be used as a means of payment, not just as a means of speculation.

Bitcoin is very difficult to be a payment, we know many countries that disagree. I think stablecoins are more suitable like Yuan. Bitcoin remains a valuable asset

[Black ID]

I think in the near future digital yuan will become a tough competitor for bitcoin. Where do we know that many crypto players come from China too. If the digital yuan is successful, then bitcoin will be controlled by China. And this applies to all countries too. Not only China.

[Thymoty]

China is known for its immense mining power, can generate the majority of remaining Bitcoins in the coming days. The Digital Yuan has recorded for more than $160 million worth of transaction as of the date. Bitcoin and Digital Yuan might get into a heated battle in the coming days.
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If it is true that Yuan will go digital then this is a golden opportunity for other currencies to become digital currencies like cryptocurrencies. And this is also good news for the cryptocurrency market.

[Fenix]

I think in the near future digital yuan will become a tough competitor for bitcoin. Where do we know that many crypto players come from China too. If the digital yuan is successful, then bitcoin will be controlled by China. And this applies to all countries too. Not only China.

There is no relationship between the successful adoption of the digital yuan and the Chinese government's control over bitcoin. Governments can set the rules for the circulation of cryptocurrency, but they still cannot control it.
However, the digital yuan and other stablecoins of the central banks of states are likely to create real competition for decentralized cryptocurrency as a means of payment.

[TomPluz]

In my opinion, there is really no established (especially for now) competition between Bitcoin and china's official cryptocurrency. Can be because the main idea of digital yuan is to slowly replace the paper money in circulation and not to really kill any other established cryptocurrency that has a more global distribution. We have to accept that for now Bitcoin is not really functioning as a payment money as it is more of a speculative tool (many are actually happy and satisfied with this role of Bitcoin and nothing to be look down at) and just like gold can also be a safe haven. Bottom line: digital yuan is not going to kill Bitcoin and vice-versa, and they can even be complementing each other, that is if there can be a platform existing to easily exchange both assets.

[tinakoya]

How can Digital Yuan be a competition for bitcoin? Correct me if i'm wrong but is digital yuan not a stablecoin? It will rather be a competition for USDT and DAI, bitcoin is not stable and quite volatile hence will always be profitable everytime it's value increases. Digital yuan on the other hand can not increase in value, it's just a yuan you can spend digitally, it will not increase in value just like other stable coin

[Jaephoenix]

In as much as bitcoin would gain traction, I don't it would overtake the  digital Yuan since there are some non-crypto users who would adopt the digital Yuan and not bitcoin or any crypto

[TomPluz]

I really don't understand why some people have the idea that Bitcoin and DigitalYuan can be competing or killing each other. There is no such a thing, and in fact they can be complimenting each other at the right time and junction. DigitalYuan is just, in its simplest form, the digital version of the real physical yuan with the intention of making the Chinese economy jumped into the new era of digitalization and cryptocurrency. Of course, this can also be used to circumvent the hegemony of the USA Dollar in the global commerce. Chinese people can get into digital yuan and into Bitcoin as well, that is if they can convincingly cover their tracks.

[Alcor]

I really don't understand why some people have the idea that Bitcoin and DigitalYuan can be competing or killing each other. There is no such a thing, and in fact they can be complimenting each other at the right time and junction. DigitalYuan is just, in its simplest form, the digital version of the real physical yuan with the intention of making the Chinese economy jumped into the new era of digitalization and cryptocurrency. Of course, this can also be used to circumvent the hegemony of the USA Dollar in the global commerce. Chinese people can get into digital yuan and into Bitcoin as well, that is if they can convincingly cover their tracks.

Do you think that after the release of the digital yuan, the Chinese will use the fast and cheap digital yuan as a means of payment when purchasing goods and services, or the slow and expensive bitcoin with expensive commissions? The situation is not as simple as it seems at first glance.
Therefore, competition between the stablecoins of states and the decentralized cryptocurrency for use as a means of payment will be in any case.

[bigcash2011]

As most countries are now turning pro crypto i expect a new race where all big countries will rush to buy btc, ethereum and other top coins as strategic reserve and if this happens crypto market will boom to trillions in no time.