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What is a CBDC?
-A CBDC is a Central Bank Digital Currency. It’s digital money issued by a central bank.
CBDC vs Crypto
Cryptocurrencies and Central Bank Digital Currencies (CBDCs) have some similarities, but there are also some key differences between them. Here are a few ways that they differ:
• Issuer: Cryptocurrencies are decentralized digital assets that are not issued by a central authority. In contrast, CBDCs are digital currencies issued and backed by a central bank or government.
• Legal Tender: Cryptocurrencies are not legal tender, meaning that they are not recognized as a medium of exchange by governments. CBDCs, on the other hand, have the potential to be recognized as legal tender and used for everyday transactions.
• Control: Cryptocurrencies are not subject to the same level of control and oversight as CBDCs. Governments can impose rules and regulations on CBDCs, such as limits on transaction size or monitoring for illicit activities.
• Privacy: Cryptocurrencies may offer a higher degree of privacy and anonymity compared to CBDCs, which may be subject to government surveillance and monitoring.
• Technology: Cryptocurrencies use blockchain technology, which is a decentralized ledger that records all transactions. CBDCs can also use blockchain technology, but they can also be built on other types of centralized or decentralized infrastructure.
These are just a few of the ways that cryptocurrencies and CBDCs differ. As CBDCs are a relatively new development, it remains to be seen how they will ultimately be implemented.
Is A CBDC Better or Worse Than What We Have Now?
CBDC is even further removed from oversight of the people. If we learned anything from 1971, it’s that more debt and inflation can be expected as a result.
How to avoid using CBDC’s
You will need to follow the Pillars of Prosperity. Either having much more income and/or being self-sufficient. Those who are unprepared will be forced on their system.
It is likely that the initial rollout of a CBDC will be as a parallel system. In time, your bank will be updated, payment processors will accept it, and your employer may switch to it.
There is high likelihood that in the future, UBI (Universal Basic Income) will be tired directly to the CBDC and so anyone who requires government assistance will likely be forced into this system as the only means of survival.
This is why it is essential to have your preparations in place with the Pillars of Prosperity. Earn income in different countries around the world, having banks around the world. Some countries may not force it and so you can earn income and have it deposited in a traditional bank account.
Also, being self-sufficient or off-grid will largely allow you to have little need for their system.
Alternatives To A CBDC
While some consider Bitcoin (And perhaps some cryptocurrencies) to be an alternative, we don’t have any way to assess if this prediction will come true. In an optimal scenario, if we could have a type of decentralized currency to transact in either domestically or internationally that was out of the view of the CBDC system, this would be positive for the well-being of everyone.
Holding real physical assets will protect us from the inevitable inflation that will be present in this CBDC system. This is essential.
Earning income with geographical diversification will be even more important than it is today.
TOPICS AND TIMESTAMPS:
What Is A CBDC? 0:00
CBDC vs Current Financial System 1:20
Are CBDC’s Disruptive? 3:00
CBDC vs Crypto 3:36
Is A CBDC Better Or Worse Than What We Have Now? 7:09
Reasons Government Want A CBDC 7:34
Why You Should Care 8:12
How To Avoid Using CBDC’s 9:17
Alternatives To A CBDC 10:39
Sources Used in This Video:
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