this post was submitted on 09 Feb 2024
989 points (97.1% liked)
Technology
59675 readers
4836 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
You literally just defined the attributes of a currency. ~~The only difference is that crypto isn't backed by a government.~~
Edited. See below. Apparently some crypto is government backed. There is no functional difference between traditional currency and (at least some) crypto.
There is no reason for CBDC to use blockchain.
I stand corrected. There is literally no functional difference between "currency" and (at least some) crypto.
How much energy is required for use of each?
A CBDC can be blockchain based, but almost none actually will be. China's isn't. Japan's CBDC is not. In the US, the Federal Reserve is still in early stages but I'm confident it won't use blockchain either.
The big difference is that crypto is "decentralized". Traditional currency is, to some extent, controlled by a central bank. The CB seeks to ensure price stability.
Digital cash schemes are much older than bitcoin/crypto. It's not "crypto" just because it's digital money.