Bitcoin changed the game because there is no central issuer, a hard supply limit, and is based on Proof of Work, not debt.
What gave Bitcoin its value? People exchanging debt for it. Fiat. The more federal reserve notes that got thrown at it, the more valuable it became. Debt literally backs it. Otherwise, Bitcoin itself is just a bunch of 1s and 0s 'printed' out of thing air. If anything, Bitcoin, and the concept of cryptocurrency as our standard currency, is globohomo. It allows the powers that be see and audit every last transaction. I personally see this as an infringement upon personal liberty. 'They' cannot do so totalitarianly currently with the current fiat system, but they're trying hard to get there.
Also, as wonderful as CBDC sounds to you, it is literally unconstitutional. If you want more on that, go read Article I, Section 8, Clause 5 then understand exactly what it means with the words they used and what those words meant then.
What gave Bitcoin its value? People exchanging debt for it.
Wrong. What gives it its value is the energy used to mine it, which is what keeps the rules in place which prevents anyone from altering the ledger - meaning no fractional reserve / banker tricks. Everyone who runs a node has a complete copy and checks everyone else. Bitcoin exists completely independent of any fiat currency. In fact it did not even have a value represented in dollar terms until someone paid someone else 10,000 BTC for two pizzas.
It allows the powers that be see and audit every last transaction.
True, but the native protocol does not contain any personal information, only random strings to represent a wallet address. The only way to link an identity to a wallet address is to do so through a regulated exchange which collects ID info.
Also, as wonderful as CBDC sounds to you
Where did I say I support CBDC? You should reread my comment because you clearly didn't understand it the first time.
Credit cards are debt and debit cards use existing cash that stop working when there's no more cash to be spent.
The fact technology is used for transactions does not mean they're digital currency. The currency used is fiat; federal reserve notes.
All cash is debt. All fiat is debt, whether digital or physical.
Bitcoin changed the game because there is no central issuer, a hard supply limit, and is based on Proof of Work, not debt.
CBDC is the polar opposite of Bitcoin - no supply limit, one central issuer, no Proof of Work, and complete control over the entire system.
What gave Bitcoin its value? People exchanging debt for it. Fiat. The more federal reserve notes that got thrown at it, the more valuable it became. Debt literally backs it. Otherwise, Bitcoin itself is just a bunch of 1s and 0s 'printed' out of thing air. If anything, Bitcoin, and the concept of cryptocurrency as our standard currency, is globohomo. It allows the powers that be see and audit every last transaction. I personally see this as an infringement upon personal liberty. 'They' cannot do so totalitarianly currently with the current fiat system, but they're trying hard to get there.
Also, as wonderful as CBDC sounds to you, it is literally unconstitutional. If you want more on that, go read Article I, Section 8, Clause 5 then understand exactly what it means with the words they used and what those words meant then.
Wrong. What gives it its value is the energy used to mine it, which is what keeps the rules in place which prevents anyone from altering the ledger - meaning no fractional reserve / banker tricks. Everyone who runs a node has a complete copy and checks everyone else. Bitcoin exists completely independent of any fiat currency. In fact it did not even have a value represented in dollar terms until someone paid someone else 10,000 BTC for two pizzas.
True, but the native protocol does not contain any personal information, only random strings to represent a wallet address. The only way to link an identity to a wallet address is to do so through a regulated exchange which collects ID info.
Where did I say I support CBDC? You should reread my comment because you clearly didn't understand it the first time.
What do you use to pay for access to that energy? More Bitcoin? The energy isn't free.