What is the different between CBDC and cryptocurrency?

Enxx

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Some people are taking these two names to be the same but they are different.
The number one different is that both are digital currency but cryptocurrency are currency built using blockchain technology while CBDC are also digital currency that are the digital currency of a country

 

Magnus2022

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CBDC is centralized but cryptocurrency is decentralized. This is the major difference between the two. There are other differences which include:
CBDC is a digital currency of a country while cryptocurrency is own by individuals.

 

flower

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The difference between the Central Bank digital currency program and cryptocurrency is that the CBDC is centralised.

 

hastral45

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Your overall explanation of both cbdc and cryptos are good. But you don't give examples to illustrate the differences. How many people understand the words centralized and decentralized?.

 

Niyi Briggs

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By CBDC being centralized, it means that there is a central control of the currency by one agency which often is the Central Bank.

By crypto being decentralized, it means no one is in control of it. It exists and runs itself independently.

 

riberet19

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CBDCs are a hybrid from blockchain technology for use in favor of a European central bank with special characteristics imposed by these entities and totally centralized, cryptocurrencies in their counterpart are more decentralized depending on which one we are talking about and are mostly pseudonymous and they do not have a central entity that governs said cryptocurrency.

 

nomad

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CBDC is a digital currency created by depositing fiat currency in the central bank, for example, in order to create 100 CBDC, the government has to deposit the equivalent of fiat money. A crypto coin is a coin created on a blockchain that uses cryptography.

 

Reedex

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The Central Bank digital currency not decentralized while cryptocurrency is decentralized.

 

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gammarays

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CBDC is also a type of crypto currency and shares the same features. The major difference is that it's controlled fully by a body which is the central bank of a country.

 

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Enxx said:

Some people are taking these two names to be the same but they are different.
The number one different is that both are digital currency but cryptocurrency are currency built using blockchain technology while CBDC are also digital currency that are the digital currency of a country

Click to expand...

I have heard of CBDC a countless times but I still think that cryptocurrency is better than that

 

Enxx

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Bisolami said:

I have heard of CBDC a countless times but I still think that cryptocurrency is better than that

Click to expand...

They are two different things and can not be compared because one, which is the CBDC is for a country currency.
So it is not possible that we compare Bitcoin with dollar as they are different

 

Suba

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CBDC uses a private blockchain, CBDC is controlled by a central bank and can replace currency as legal tender, CBDC users will have an identity tied to a bank account. Whereas cryptocurrency uses a public blockchain that can be opened by anyone, no one controls it so the price is set by the market. crypto users are anonymity,

 

Reedex

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The Central Bank digital currency is a digital form of the Fiat currency and it is centralised but cryptocurrency is decentralized.

 

uptrendfinancialsignal

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The central bank digital currency project is different from cryptocurrency In all ramifications.

 

Suba

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Even though both CBDC and cryptocurrency run on the blockchain, circulation and control are controlled by the central bank of a country, while crypto is independent. CBDC transactions are closed while crypto transactions are open.