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The whole world watching CBDC projects fail will make bitcoin look like the safest and most reliable digital currency on earth

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There are hacks and data breaches non stop every year in all different countries in all different types of organizations from government to private corporations. But a CBDC would be the most profitable system to hack on the planet making it the most lucrative and attractive target. Imagine being able to destabilise an enemies entire economy just by hacking their CBDC, countries across the planet will be trying to hack each others CBDCs not the mention black hat hackers just doing it for fun.

A CBDC must be centralised, there is no other way for it to operate and with centralisation comes the risk of a hack. A centralised blockchain is just as hackable as a centralised database.

After launching a CBDC that is widely used it might take a few weeks or a few months or even a year or two, but it will inevitably be hacked. Peoples private transaction metadata will be sold online, peoples transactions will be blocked and reversed, peoples funds will dissapear from their digital wallets, and right when they go to pay for their fuel or their groceries nothing will be working.

This alone will destroy any and all confidence in any attempt by any government to operate a CBDC.

CBDCs are not a threat to bitcoin at all. If anything they will just build even more confidence in bitcoin as the safest most reliable global currency that always works any time of any day no matter where you are on earth.

submitted by /u/slvbtc
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