CBDC Have To Overcome The Time Factor
Many feel that CBDCs are about to roll out. The problem, as evidenced by the last few videos, is they are not even close to rolling out.
In this video I discuss how how time is against those who want to implement CBDCs. Technology does not favor those who trail in time. This is exactly what the CBDCs are facing. Cryptocurrency is operating in the wild.
▶️ 3Speak
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I haven't considered things in that point of view, but it does make sense. The longer CBDCs take to come out, the less likely they are to succeed. If there are other alternatives that have already created a market dominance, it will be tough for them to gain widespread adoption.
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It has been a while since i watched a 3speak video. We used to have a bubbly vlogging community on Hive but that doesn't seem to be the case now.
About CBDC, I don't know about other places but here in Nigeria, it hasn't been much of a success despite having a very large crypto community here. The average young person knows or owes some form of crypto here but the apathy towards CBDC has been unprecedented. My guess is that it is an issue of trust and less about infrastructure.
Nigeria is a case example of how things fail even though people think it is a slam dunk. The fact that the Nigerians rejected it shows the challenge that lies before these central banks and governments.
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Summary:
In this final installment of discussions around Central Bank Digital Currencies (CBDCs), the speaker delves into the challenges faced by central banks in rolling out CBDCs. The episode touches upon the legalities, technological complexities, governance issues, and the overall slow process by which governments operate. The speaker emphasizes the rapid growth and development within the cryptocurrency space, highlighting the continuous advancements in infrastructure, new applications, and upgrades happening in the world of cryptocurrencies like Bitcoin and Hive. The episode concludes with a comparison of the significant progress being made in the crypto industry versus the pace at which central banks are moving towards implementing CBDCs.
Detailed Article:
The speaker, in his final discussion on CBDCs, starts by emphasizing the various hurdles central banks face in rolling out CBDCs. Legal considerations, technological challenges, governance issues, and the slow bureaucratic processes of governments are highlighted as impediments to quick implementation. The speaker points out that while these obstacles can be overcome with time, the clock is ticking, emphasizing the swift expansion of the cryptocurrency ecosystem.
The episode underscores the rapid growth of cryptocurrencies like Bitcoin and Hive, highlighting increased transactions, the emergence of new applications, and upgrades within the industry. The speaker points out the progress being made, such as Ethereum's recent upgrade and the integration of services like Metamask offering fiat conversions, all contributing to the maturity and expansion of the crypto space.
The speaker draws attention to the inefficiency of government processes, noting the slow progress and internal conflicts surrounding the adoption of CBDCs. Political divisions and contrasting positions on CBDCs from figures like Robert Kennedy, Governor DeSantis, and Senator Warren are discussed, reflecting further delays in the central bank's initiatives.
The episode contrasts the sluggish pace of central banks with the rapid evolution of the cryptocurrency industry. The speaker emphasizes the continuous growth in applications, NFTs, gaming, and decentralized finance (DeFi), highlighting the dynamic nature of the crypto space compared to the static approach of central banks.
In conclusion, the speaker explores the transformative potential of blockchain technology beyond cryptocurrencies. He discusses the wide array of applications for blockchain, such as digital IDs, database management, and tokenization of assets like NFTs, predicting a significant leap in technological advancements over the next few years. The episode closes with a stark reminder that time is not on the side of central banks, who risk falling far behind the rapidly evolving crypto industry if they fail to act swiftly.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.