Can Central Bank Digital Currencies (CDBC) Wash Bitcoin and Other Crypto-Currencies Down the Drain ?
These digital assets which Bitcoin is the first of it’s kind to solved the double spending problem in a decentralized and permissionless manner which is transparent and secure like paper and coins money have helped the banking system to improve on Fiat Digital Currency which are called Central bank Digital Currencies (CDBCs), some of these Decentralized Digital Assets will stay the test of time while others will phase-out by Government Regulations and not been able to catch up with modern trends causing them to loose participators. To know which and which to stand the test of time to keep her word and value is not mine to forecast because not anyone can foresee the future actions of anyone which is controlled mostly by reasons and conditions instead of statistical conclusions that is been analyzed mathematically.
As these CDBCs emerge, will their presence not take Bitcoin from the Market as a Digital Currency ?
Not really, Bitcoin as a currency was not accepted because it solved the Double Spending problem alone but as a choice chosen to be accepted in exchange for a commodity, Bitcoin did not enter into the Financial System by Initial Coin Offerings, neither did it start to be used because someone speculated that he is ready to buy Bitcoin for any said amount but the choice of receiving it as a medium of exchange for goods and services worth accepting using any cash in the world. Bitcoin is not mandated by any nation upon her citizens to use it for legal tender before the first business transaction took for payment in exchange for a commodity (Pizza) took place.
Bitcoin's Crypto-Economic Features which helps in transparently calculating and presenting her usage and evaluating her value in appreciation or depreciation without the Infusion of debts or by just typing numbers into the computer system which can easily be inflated by the banks playing tricks on the accounting ledger as we have seen happen in our history of the present Digital Money Banking System which did occur in this our 21 Century. One example is Wells Fargo cross selling scandal that took headlines of News and also here in Wikipedia Encyclopedia.
https://en.wikipedia.org/wiki/Wells_Fargo_cross-selling_scandal
Is it true that bitcoin is used basically for Money laundering ?
Saying bitcoin is mainly used by Criminals trying to launder money is something too hard to believe, and too risky to be done because Bitcoin started from a very low price where 10,000BTC cost two pizza which is something around 40USD at most today, but have risen to such high peak costing over 65,000USD per Bitcoin as at November 2021.
It is worth mentioning that if it is been sponsored by criminals it will not be where it is today, “What man does not understand he fears and what he fears he tends to destroy “, so without been able to explain such a rise by value as been evaluated using the United State Dollars, it is worth tagging Bitcoin with such a name because they just can’t explain how it took such value without the support or acceptance of any governmental bodies in any geopolitical territory, if you look closely to what is going on in the world, those who are been held for money laundering today and nations whose national currencies have collapsed in their hands as we can see in our history did not pass through Bitcoin as some embezzlement of these national funds began long before Bitcoin was invented, why should I use an unknown path that may get me exposed when the old method I am using is still working? in-fact right now bitcoin is been used as a currency in Countries that their economy collapsed due to mismanagement as evidently seen in Venezuela, Zimbabwe, DR Congo. We see Bitcoin been used to uplift economies and people(s) from Impoverished state to financially independence. Countries suffering from economic meltdown are adapting bitcoin which we will see how it will improve the economy as time passes. Only the results that shows what bitcoin really is, Jesus Christ said “ Out of the Abundance of the Heart, the Mouth Speaks and by their Fruits we shall know them”, looking at what effect bitcoin have done over a decade now, it is clear that it has not come through money launderers but through those who need the economic growth and freedom of humanity, before the world governments started sending relief and equipment to support the war in Ukraine, Bitcoin and other Crypto Assets have been donated by just anybody and it immensely helped before world government started to send reinforcements. If it is meant for money laundering, it will not be used to solves humanity’s problems in times of crucial moment when the world ruling powers were at standstill in supporting those who need support as they are busy playing political games.
Before I forget, If Bitcoin and other Crypto Assets are mainly for fraud and money laundering, what went on with FTX founder’s (Frank Bankman-Fried’s ) FTX crypto wallet accounts would not have been traced to other of his wallets that is not FTX based or related to FTX before while he is on bail.
Bitcoin as we know it started from very low backgrounds to this point, I remember when I first heard about bitcoin it was with very low value. But as her usage begin to pass the test of time and many more participants began to emerge as did Linux Server Operating System which passed through the backdoor into Computer Server Rooms and SuperComputers and now have taken over the Server Space and also is taking a big chunk of desktop space in the computer operating system software world, Bitcoin and some Crypto assets can’t be taken from the scene as the general public chose them instead of been approved.
What is required of us now, is to accept it for payment of goods and services that we need, though the problem of fees still plague Bitcoin’s usage and availability to the unbanked even when her transfer fee is very low compared to bank transactions, further technologies which will be built on top of Bitcoin and other Crypto Currencies will emerge to solve this problem in the near future, I will not say jump into the band wagon but I will say give a try to own some Bitcoin’s Satoshis and feel the freedom that Bitcoin carries as a currency worth having.
Note: There is another Crypto-Currency called "Satoshi " which is not in relation to the Bitcoin’s Satoshi that Bitcoin uses as a Unit in anyway.
The Window of business opportunities of gains and losses that Bitcoin and other Digital Crypto Assets alongside her Technology have is worth utilizing, it cannot be enveloped by CDBCs alone as the System is vast enough to take them both. Like we have seen by example that Bitcoin is swift compared to our present international transfer, though our present banking system have immensely tried in meeting up to the services in international transaction and the internet today, they are still far behind and only have been shown how to solve the double spending problem that have halted Digital Money from evolving over a long period of time till the introduction of Bitcoin. The Internet have a currency that she can use and can be smoothly integrated into the world financial system to enhance economic and quick transactions over the internet and sometimes over the physical counter, why trouble yourself so much.
What are your thoughts, Is Bitcoin worth having and using as a currency ?
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