What is a CBDC? Curious about the CBDC meaning in our economy?
In this video, we will have CBCD explained to you, how does one work, make a CBDC vs cryptocurrency comparison, and see what connections are there between the CBDC crypto worlds.
Stay with us until the end and you’ll know the basics for every CBDC currency.
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The main topics of the video are:
▶ What is a CBDC
▶ How does a Central Bank Digital Currency Work?
▶ The differences between CBDC and Cryptocurrency
▶ Pros and Cons
▶ Conclusions
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🟡 What is a CBDC
A CBDC or a Central Bank Digital Currency represents a digital token issued by a central bank that has its value pegged to that country’s fiat currency and it’s similar to a cryptocurrency because it uses blockchain technology.
🟡 How does a Central Bank Digital Currency Work?
A Central Bank offers physical money in the form of banknotes which are then used to make various kinds of payments.
A CBDC would be issued by the Central Bank and it would represent electronic money which then can be used by businesses and households
🟡 The differences between CBDC and Cryptocurrency
There are several differences between CBDCs and cryptos. For example, while both of them use blockchain technology, CBDC rely on permissioned or private blockchains, while crypto uses permissionless or public blockchain.
🟡 Pros and Cons
On one hand, CBDCs offer efficient and secure payments, but they are completely controlled by central banks.
Furthermore, CBDCs are easy to track, but we may see competition between central and commercial banks.
🟡 Conclusions
A CBDC is not a cryptocurrency. The idea to create a CBDC stems from crypto, and there are similarities, since both would use blockchain technology, but, at the end of the day, they are different types of digital currencies.
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- CHAPTERS -
0:00 What is a CBDC
0:28 How does a Central Bank Digital Currency Work?
1:13 The differences between CBDC and Cryptocurrency
2:13 Pros and Cons
2:52 Conclusions
3:42 Outro
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