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What is the difference between Bitcoin and Yuan Digital?

  • Thread starter Thread starter Suba
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I don't fancy any country's fiat currency that is built on the digital way to help facitste fast transactions and tarnish the process of the volatile coins that can make one earn better reward in the future.
 
It is a good move for the chinese to be at the forefront of modern technology.The introduction of the yuan as a cryptocurency legal tender is a good move.But the difference with the bitcoin is that, the yuan will be state controlled,unlike the bitcoin that is decentralised,voliatility is what makes it unique.
 
Well didn't know much about the yuan digital coin but decided to find out by going through the thread and it's been informative no doubt and we never can tell how big it could get so fingers crossed
 
Suba said:
The Chinese currency Yuan Digital is almost similar to Bitcoin, because it combines several elements of the Bitcoin blockchain, and all transactions are recorded in a ledger, so that the Chinese government will easily monitor when and where people use Digital Yuan. Because this currency is intended as a substitute for fiat money (Yuan) and will be easy to use after installing the Rnminbi application on a smartphone. The advantage of this application is that users don't need to have a bank account (same as Bitcoin). Since the beginning of January 2021, the Chinese government has tested the Remimbi application for a year, if it is successful then China will become the strongest economy in the world. China has also distributed via a Digital Yuan lottery worth 10 million yuan (approximately USD 1.5 million). Even though Bitcoin has a lot of similarities with Yuan Digital money, both of them are intangible money, of course there are many differences, what are the differences?
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The chinese came up with their own digital cryptocurency so as to be in leauge with the technological trend around the E-commerce world.But what is the limitation with this chinese currency is the controle by the government and their would'nt be that volatility in terms of the market value.
 
I am suspecting that the ban placed on cryptocurrency especially Bitcoin in by the Chinese government is to really promote their own digital currency.
 
Chinese Digital Yuan is simply centralized Currency not even a crypto cos it isn't volatile nor encrypted. So those who are dealing with such coin should know they're simply dealing with centralized coin.
 
Bitcoin is created by mining, digital yuan is a digital version of yuan, which is created by depositing fiat currency in central bank of chain. For example, in order t release 1000 digital yuan, 1000 yuan will be deposited in central bank of china
 
It is am obvious fact already that the Chinese yuan digital is not Bitcoin from it's name alone. Bitcoin runs in the blockchain network while the yuan obviously has it's own network
 
Just like Bitcoin in the crypto currency exchange Business, the chines government are trying to create their own Digital coin because they feel like the crypto currency exchange Business is not regulated enough
 
My take on the digital Yuan is what the name implies - digital currency is the version of a legal tender currency. Bitcoin is a commodity and not a currency so it cannot be compared with the digital Yuan regardless of the mention of blockchain that will only confuse you. The Central Bank is in control of the digital Yuan.
 
Alexandoy said:
My take on the digital Yuan is what the name implies - digital currency is the version of a legal tender currency. Bitcoin is a commodity and not a currency so it cannot be compared with the digital Yuan regardless of the mention of blockchain that will only confuse you. The Central Bank is in control of the digital Yuan.
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Even though Bitcoin is currently being used as commodity that anyone can mine or invest for profits, it was actually created as a money that would be easily transferred through the internet.
 
Yuan digital coin is simply a centralized stable coin which the value doesn't grow not drift down. The Chinese banned crypto currency activities in their country simply to create their own coin.
 
The one significant difference is Bitcoin is adopted in many countries and institution but the Chinese currency may not get such recognition.
 
The Chinese digital currency for now is still very much a project in the making and a lot remains to be seen about exactly what the aim to achieve.
 
Yuan Digital is Central Bank Digital Currency, Bitcoin is crypto currency. Yuan Digital is created from fiat reserve of Yuan but bitcoin is created through the process of mining.
 
Bitcoin market is not controlled by anyone unlike the Chinese yuan and Bitcoin has a greater market value than the yuan
 
This is just one of the factors the Mandarin have actually a stronghold in the crypto money area. My worry currently is actually that this effort will certainly draw in various other nations to produce their own which will certainly be actually controlled due to the federal authorities on its own. In as long as there is no prohibit on trading crypto money after that there is not a problem.
 
The digital yuan transactions will be traceable to the government under a principle the government calls “controllable anonymity”: the government can end users anonymity if it wants to, which means… no anonymity, really. Bitcoin is widely used as a store of value and a trading asset
 
I've always known that the reason why China has been fighting all cryptocurrencies is for them to develop their own cryptocurrency that is going to dominate the market which is actually what we're seeing in the world today.
 
The simple truth is that the chinese detest using foreign digit currency and thats why they decided to shape their own Chinese digital yuan in the shape of crypto currency.
Seun4luv said:
The digital yuan is designed to replace cash in circulation, such as coins and bank notes, not money deposited long-term in bank accounts. Moreso, cryptocurrencies like Bitcoin the digital yuan will not use blockchain, distributed ledger technology which allows transactions to be validated without the need for banks.
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