• bhmnscmm@lemmy.world
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    9 months ago

    You literally just defined the attributes of a currency. The only difference is that crypto isn’t backed by a government.

    Edited. See below. Apparently some crypto is government backed. There is no functional difference between traditional currency and (at least some) crypto.

      • bhmnscmm@lemmy.world
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        9 months ago

        I stand corrected. There is literally no functional difference between “currency” and (at least some) crypto.

      • kirklennon@kbin.social
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        9 months ago

        CBDC is blockchain based, i.e cryptocurrency.

        A CBDC can be blockchain based, but almost none actually will be. China’s isn’t. Japan’s CBDC is not. In the US, the Federal Reserve is still in early stages but I’m confident it won’t use blockchain either.

    • General_Effort@lemmy.world
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      9 months ago

      The big difference is that crypto is “decentralized”. Traditional currency is, to some extent, controlled by a central bank. The CB seeks to ensure price stability.

      Digital cash schemes are much older than bitcoin/crypto. It’s not “crypto” just because it’s digital money.