CBDC's, good or bad?
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Several central banks worldwide are exploring the creation of their own digital currencies. CBDCs could offer the benefits of digital currency while maintaining government control and regulation. But would that be the end of financial privacy?
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Digital Currencies scare me to death. An example of why I think this is a bad idea is the Canadian trucker strike. Prime Minister Justin Trudeau froze operating and personal accounts of the protesters. It ruined many business and personal lives. I live in the US so this did not affect me in the least, but with a digital currency, the government could basically "Cancel" at a whim for any reason. Without anything to fall back on for funds, this could get ugly very quick..
Personal observation was given here. You do not have to agree with me. The Idea of Digital Currency scares me enough that I felt the need to respond to this post.
Okay, I am off of my soap box! lol GOOD DAY!
That holds true for government-backed digital currencies, commonly known as CBDCs (Central Bank Digital Currencies). However, the majority of cryptocurrencies are not CBDCs; they function on blockchain technology, which decentralizes the currency. Decentralization is a concept that describes the distribution of authority, control, or power away from a single central entity or authority. In the context of cryptocurrencies and blockchain technology, decentralization refers to the design of a system where no single entity, such as a central bank, government, or corporation, has absolute control over the network or the digital currency.
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I see the difference now. Thank you for the clarification. I will be following this. It has peaked my interest.
I'm glad to hear that. Many individuals share the misconception that digital currencies are primarily centered around control, when in reality, it's quite the opposite, unless it's a Central Bank Digital Currency (CBDC). CBDCs are designed for centralized control. To illustrate, the recent Canadian Trucker convoy serves as a noteworthy example of governments exerting excessive control and misusing their authority.