Yes To Bitcoin! No To CBDC! (Part 4: A Debate)
The debate between Bitcoin and Central Bank Digital Currency (CBDC) gets more controversial. CBDC by the way is a government-issued money.
The central banks are the money suppliers of the world for a long time. They are in a tight alliance with the government all the time.
The government-central bank alliance is unbreakable. Therefore, they invested on digital currencies once they sense the cryptocurrency industry is getting more attention than they expected.
Facebook is on the process of making a new digital currency too — Libra. Surprisingly, central banks are frightened more than ever. They want more power and control before the inevitable competition is born.
Bitcoin, on the other hand, is independent. It can stand on its own considering how young it is. This ‘Young Bitcoin’ does not need a government to create a name on its own.
Bitcoin is a new technology based on math formulas that are stored inside a chain. This chain contains all the transactions made by the user. This chain is attached to another chain of another user until all users are interconnected.
The old generation says the Bitcoin technology is vulnerable to hacking, which is a myth. It is ten-times harder to hack a ‘Bitcoin Chain’ as the hacker needs to unlock more than one chain before hacking the entire blockchain.
More about this on a debate below between a financial director of Cato Institute and an economist/author of the book that is entitled The Bitcoin Standard.
Somehow in some ways, this debate turns out as a presentation of good and great ideas on levels of priority and familiarity. The government owns the money for centuries; therefore; more people are familiar with it.
Bitcoin is functional but it is a new kid on the block; therefore, it is immediately judged. Remember the old saying, “People fear what they don’t understand.”
Bitcoin needs to educate more and more people around the world to gain more friends. The world financial system is also a popular contest. Bitcoin needs to earn more trust and respect to win.
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