Deekay | Dinesh Kannaa Profile picture
Feb 17, 2023 β€’ 7 tweets β€’ 3 min read β€’ Read on X
Move over, #Bitcoin! πŸš€ Central Bank Digital Currencies (#CBDCs) are the newest players in town.

But what are they, and why are governments creating them? πŸ€”

Let's dive in: (Thread 🧡 Alert 🚨)
CBDCs or Central Bank Digital Currencies are essentially digital versions of fiat currencies issued by central banks.

They exist for a variety of reasons, including:

πŸ‘‰ Improved efficiency and lower transaction costs for payments
πŸ‘‰ Increased financial inclusion by providing access to digital payments for everyone
πŸ‘‰ Reduced reliance on cash, which can be costly to print, distribute, and handle
πŸ‘‰ Combating illicit activities by providing traceable digital payments
But what makes them different from cryptocurrencies?

πŸ‘‰ CBDCs are still centralized and controlled by governments, which goes against the decentralized ethos of cryptocurrencies
πŸ‘‰ CBDCs may not offer the same level of privacy and anonymity as some cryptocurrencies do
πŸ‘‰ Some people may prefer to use cryptocurrencies for their perceived benefits, such as greater security and freedom from government control

While CBDCs may offer some advantages over fiat currencies, they are not a direct competitor to cryptocurrencies.
So, no, they can't replace cryptocurrencies.

It's likely that we'll continue to see a diverse range of payment options coexisting in the future.

#CBDC #cryptocurrency #finance #digitalcurrency

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More from @0xDeekay

Mar 20, 2023
Are you as confused as I am about @balajis' million-dollar bet on hyperinflation & Bitcoin mooning? πŸ€”

He said hyperinflation is coming in the next 90 days & Bitcoin will hit $1M! Some say he's insane, but hey, that's why he's a millionaire!

Let's break it down 🧡
2/ I attended a Twitter Space with @balajis & @gladstein and let me tell you, I've got some tea β˜• to spill about this situation.
3/ Thanks to the pandemic and US Government's stimulus, people & businesses had more cash than before. πŸ’°

So instead of borrowing more, businesses and consumers were paying off old loans and holding onto their cash. And banks were left with...not much to do. 😬
Read 17 tweets
Mar 12, 2023
Listen up! πŸ™‹β€β™‚οΈ The Indian gov just brought crypto under PMLA (Prevention of Money Laundering Act) 😱

Don’t panic just yet! This isn't necessarily a bad thing.

Let's dive in about this move in this thread 🧡 Image
2/ PMLA is a law to prevent money laundering and other crimes in India.

It requires some entities, like banks and exchanges, to report suspicious transactions to the authorities
3/ Now, the gov says that crypto transactions involving exchange, transfer, and storage of VDAs (virtual digital assets) also come under PMLA.

This means that Indian crypto exchanges have to report any fishy activity to the FIU (Financial Intelligence Unit)
Read 16 tweets
Mar 11, 2023
1/ 🚨USDC CRISIS Explained🚨
What happened, why it matters, and how to fix it? 🧡
2/ USDC is a cryptocurrency that equals one US dollar & is called a stablecoin. πŸ’΅

It is backed by real dollars in reserve by Circle and a few others. 🏦
3/ USDC is a popular stablecoin, as it allows fast and cheap money transfers across platforms and exchanges. πŸ’Έ

It is also used for many crypto transactions and applications. πŸš€
Read 22 tweets
Feb 20, 2023
1/ πŸ”’πŸ’° Protecting your crypto is more important than ever.

Here are some of the most common scams and tactics used by hackers, and how you can protect yourself against them (Thread 🧡 Alert 🚨)
2/ Malicious transactions:
Scammers can trick you into signing a transaction that grants them access to your assets.

To protect yourself, keep an eye on the transactions you make and the sites you interact with.
3/ Malicious messages:
Phishing sites can trick you into signing a message disguised as a wallet connect.

To protect yourself, double-check what you're signing.
Read 11 tweets
Feb 17, 2023
1/ πŸš€πŸŒ• Buckle up, friends! We're about to take a ride to the moon

πŸŒ•πŸš€ Let's talk about one of the hottest things in web3: Decentralized Finance (#DeFi).

(Thread 🧡 Alert 🚨)
2/ πŸ€” First off, what is DeFi?

DeFi refers to a new financial system built on blockchain technology that operates without traditional intermediaries like banks, brokerages, or exchanges.

In simpler terms, it's finance without the fat cats! 🐈
3/ πŸ’°πŸ’Έ DeFi applications allow users to lend, borrow, trade, and store their assets without relying on centralized institutions.

And the best part?

It's all done through smart contracts, meaning that all transactions are transparent, automated, and secure.
Read 9 tweets

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