Episode 15: On Central Bank Digital Currencies (CBDCs) | The Bitcoin Advocate Podcast
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Episode 15: On Central Bank Digital Currencies (CBDCs) | The Bitcoin Advocate Podcast
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About this listen
A Central Bank Digital Currency, or CBDC for short, is a digital version of a fiat currency that is issued directly by the government/central bank. People often confuse CBDCs with cryptocurrencies since they are both digital in nature, but that's about where the similarities end. CBDCs centralizes power to one entity, the government, while Bitcoin decentralizes power to individuals. This difference is extremely important. CBDCs have massive potential to be abused by the government by method of locking people out of financial services at the flip of a switch, or just generally denying freedoms for individuals. Imagine that you can only buy a certain amount of a product in a given period of time, or if you're caught speeding the fine would just be taken straight out of your account. These are things that a CBDC would enable. To prevent the rise of CBDCs is a major reason why Bitcoin exists and why Bitcoin is so important.