What are the similarities between Bitcoin and Central Bank Digital Currency (CBDC)?
What are the similarities between Bitcoin and Central Bank Digital Currency (CB
What are the similarities between Bitcoin and Central Bank Digital Currency (CBDC)? In the past year, governments around the world have issued guidelines on the regulation of crypto assets. According to this report, nearly 700,000 central banks worldwide are studying or considering issuing their own digital currencies, and countries like the United States and the United Kingdom also plan to launch their CBDC projects.
What are the similarities between Bitcoin and Central Bank Digital Currency (CBDC)? Let’s take a look at the technological developments and the reasons behind them. (Click the link)
Connections between Bitcoin and Central Bank Digital Currency (CBDC)
Editor’s note: This article is from Crypto Valley Live (ID: cryptovalley), written by Liam J. Kelly, translated and proofread by Edward. Authorized republished by Odaily.
In the past 12 months, central banks around the world have been discussing the development and adoption of CBDC. According to a report, China is considering launching its own digital currency CBDC, which could impact the growth of payment systems worldwide and drive innovation.
Nevertheless, many people believe that the importance of Bitcoin as a store of value still has flaws. For example, what happens when people buy, sell or hold Bitcoin? And these situations may not be as simple as many people imagine – it is not only used for transaction purposes.
However, historically, this argument seems to become increasingly difficult over time. As there is no clear regulatory framework to manage risks, some central banks have taken proactive measures to ensure that their stablecoins are not interfered with. But it is a good idea for those who want to protect themselves from cyber attacks. (Note: “Crypto assets” refer to a “commodity” issued or supported by a country, commonly known as “virtual currency”.) However, Bitcoin is not the first major payment system to become a major synonym. Instead, they are seen as an important component because they differ from other assets. Although BTC experienced a significant decline after rising by more than 50% to nearly $20,000 in 2017, it has doubled in the following years. In addition, Bitcoin, which has been on an upward trend since 2013, has performed well.
It is worth noting that “Bitcoin Cash” was one of the earliest forms of Bitcoin and reached a high point of over $20,000 in the first quarter of 2020. However, this data has declined in the last few months of 2019, with reports suggesting that only 2% of Chinese residents own digital currencies. At the same time, most Chinese citizens have been unable to use Bitcoin for daily shopping activities since early 2017. Therefore, the price of Bitcoin is currently in a low position, rather than traditional investment assets like gold. In fact, if we focus on Bitcoin, it would be a good opportunity, especially during the pandemic.
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