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Cryptocurrency exchanges can be either centralized or decentralized. Some of the biggest exchanges, such as Binance, Kraken , and Coinbase, are centralized. But there are also some popular decentralized options out there too, like Uniswap and Slingshot. You can also buy or sell crypto using wallet apps, like Exodus and Mycelium. A key point of contention surrounding cryptocurrency is its lack of regulation.
Many crypto enthusiasts believe that cryptocurrency should remain unregulated and untouched by large financial institutions. However, this lack of regulation exposes cryptocurrency to many risks, including volatile price fluctuations, scams, and fraud. If you follow the crypto market, you'll know how drastically an asset's price can plummet, or shoot upwards. This can sometimes be a good thing but often leads to huge financial losses on the part of investors.
The value of cryptocurrencies can vary based on how it is collateralized. Say, for example, the demand for Bitcoin dropped to zero. This would result in a drastic price drop, as there is no longer a market for trade. However, a category of cryptocurrencies, known as stablecoins, can fend against this.
Stablecoins are often backed by collateral, such as physical reserves, bonds, and stocks. Cryptocurrency can also be pretty restrictive in terms of accessibility and utility.
While you can spend your cryptocurrency at certain stores, your choice will likely be very limited. What's more, most vendors that do accept cryptocurrency only take the most popular assets, such as Bitcoin, Ethereum, and Dogecoin. Cryptocurrency is also illegal in certain countries , which makes it inaccessible to many. Digital currency is more of a blanket term that can be used for various assets. While you could certainly call cryptocurrency a digital currency, not all digital currencies are cryptocurrencies.
In short, digital currency is any fungible asset that exists only online. Of course, these currencies are not exclusively digital, but in this technological age, vast proportions of the economy's wealth exist online. Consider your bank account, for example. While there are paper dollars in existence that represent digital dollars, this physical money is not backed by any valuable asset such as gold or silver , so the physical and virtual versions only hold subjective worth.
Because digital money is now so common, it can be used in almost every capacity. So whether you're paying for a product online or in a store, subscribing to a service, donating to a charity, or making a bank transfer, you can do so using entirely virtual tender. The biggest difference between digital currency and cryptocurrency is that the latter always exists on a blockchain, whereas the former does not. A digital cryptocurrency doesn't necessarily need a blockchain to function, though the technology is well-suited to virtual assets and their trade.
When it comes to inherent value, both digital currency and cryptocurrency are in the same boat, for the most part. It is the same as a fiat currency and is exchangeable one-to-one with the fiat currency. Named the Digital Rupee, or e-Rupee, the digital currency will be the same as a sovereign currency and will be in alignment with their monetary policy.
Also read: RBI floats concept paper on digital currency; says will launch pilot e-rupee for specific use cases soon. Other possible features of e-Rupee are that the digital currency must be accepted as a medium of payment, legal tender, and a safe store of value by all citizens, enterprises, and government agencies.
It can be freely converted against commercial bank money and cash. The digital Rupee will be a fungible legal tender, that means the holders or consumers can use it without having a bank account. RBI expects its expenditure on issuance of money and transactions to go down drastically with the introduction of CBDC. CBDCs are digital version of government-backed, fiat money, which uses blockchain technology to verify and store transaction data.
But the major difference is they operate on a centralised network, which is a permissioned network. The CBDC transaction can happen nearly instantaneously on one digital ledger. For those who are unbanked, CBDCs would provide a way to transfer money digitally, which is not possible at present with UPI or wallet.
Some have even launched their digital currencies. There are nine countries that have fully launched their CBDCs. Eight of the nine countries are located in the Caribbean. Cryptocurrencies, like Bitcoin and Dogecoin, are stored on a decentralised blockchain network, where transactions can happen, authenticated, and recorded in the public ledger without any third-party interference or central authority monitoring the deal. The basic core difference between a cryptocurrency and digital money is that cryptocurrencies use decentralised network.
Whereas CBDCs, though use the blockchain technology, is entirely centralised. A central bank oversees and facilitates the transactions with the help of other third-party organisations. In the core, cryptocurrencies are private money, whereas CBDCs are government-backed forms of money.
Therefore, CBDC is touted as safe form of money.
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