Are Central Bank Digital Currencies (CBDCs) Legit?

Central bank digital currencies (CBDCs) have been in the rumors since 2013, with China allegedly developing a government-issued centralized cryptocurrency to fight off the increasingly popular Bitcoin. CBDCs came in handy to scare the cryptocurrency public into fear and depression for being touted as an ultimate weapon that would destroy Bitcoin. But how real is the danger? And couldn’t it in fact turn out to be a blessing in disguise for Bitcoin and its brothers in arms over the long haul? A sober look into the reality of CBDC's seemingly brewing stand-off with cryptocurrencies is due and invited.