Launching a digital dollar can be revolutionary. Will Bitcoin be affected?
19.10.2020

Launching a digital dollar can be revolutionary. Will Bitcoin be affected?

By bit.team

Today, the world is adopting technology in all possible formats. Money also took digital form long before that, in the form of cryptocurrencies. However, the US government plans to introduce the country’s digital currency, which may prevent the introduction of crypts.

Digital dollar and BTC

The digital dollar deployment program is a collaboration project between Accenture and the Digital Dollar Foundation that aims to explore real – time use cases for the project. Recently, as part of the collaboration, up to 9 different programs were proposed to identify opportunities for testing and evaluating the main characteristics of this type of asset.

The offer contains the main components of the digital dollar, as well as the advantages that they can provide to customers who do not have access to banking services, customers, small, medium and multinational business users, as well as participants in the financial market infrastructure.

The offer mainly identifies real-time problems faced by customers who are not covered by banking services and people served by banks, as well as a pilot proposal to address these problems.

Some of the main problems listed were related to smooth and secure peer-to-peer payments and money transfers with relatively low fees.

For business and financial participants, the offer focused on domestic and international payments and transfers, as well as internal atomic settlements for tokenized cash and securities in the Ledger.

Is the digital dollar a danger to Bitcoin?

Since cryptocurrencies are well regulated in most developed countries, such as the United States, the digitization of paper currency can be expected very soon.

In addition, in the midst of a pandemic situation, when paper currency is seen as a possible vector of the virus, people dump cash and switch to cashless payments.

But the actual question is, can the launch of a digital dollar cause concern for the crypt in terms of acceptance and price?

Well, the answer lies on the surface. Both forms of digital assets have similar characteristics, but differ in most indicators. Among them, the main feature of Bitcoin’s decentralization and anonymity. This means that transactions are tracked on the blockchain platform, but the user remains anonymous.

In contrast, a digital dollar that is controlled by the fed is usually tracked with all the details of the transaction. And, therefore, the fed can have a clear view of the transaction history. However, this may be good for some, but not for many. Especially not for the crypto community.

It is obvious that Bitcoin was not affected by any thunderstorms in the market, and it resisted. Moreover, the price of PTS is expected to increase even more by the next 2021.

Therefore, the launch of a digital dollar or CBDC of any other country can not affect Bitcoin much, since the bitcoin community is United.