What is the difference between Bitcoin and Yuan Digital?

[Suba]

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?

 

[Tiwa]

To the best of my knowledge it appears to be like China's already existing digital payment apps like wechat and alipay. However they can store money on it just like keeping funds in the banks. I think is designed to reduce or remove cash in circulation.My concrn is wont that make banks in china useless?

 

[BrolySSJ]

This is very interesting. I was aware that china was working towards a digital currency, but I was not aware that they have already release and having been making use of the digital yuan. I think that this is why the Chinese economy has such a massive influence on the crypto world and the digital currencies because they seem be right at the forefront of these developments. As for the differences, I have not heard of this, but is it safe to assume that the digital yuan will be more regulated and controlled than the bitcoin because it is an official currency of the country?

 

[Seun4luv]

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.

 

[Iamsodex]

This is one of the reasons the Chinese have a stronghold in the crypto currency space. My fear now is that this initiative will attract other countries to create theirs which will be regulated by the government itself. In as much as there's no ban on trading crypto currency then there's no problem.

 

[Ltherman]

Interesting development and i think other nations are feeling threatened about China having their own government backed blockchain with their own currency. Great development from the Chinese.

 

[Dylinks]

Bitcoin is different from yuan digital because is decentralized i.e. it is controlled by single entity while yuan digital is controlled by the government of china. Another difference is that bitcoin varies in term of price cos it is anonymous but yuan digital price is regulated by the government of china which makes it easy to be tracked by them.

 

[Ebuka Stephen]

Well this is a very interesting topic tho, I never knew china had their own cryoto currency. The chinese cryto yuan digital is almost as similar as bitcoin but they are both unique, well I dont know much about this but I can say the yuan digital will be regulated locally than the bitcoin

 

[BrolySSJ]

This is one of the reasons the Chinese have a stronghold in the crypto currency space. My fear now is that this initiative will attract other countries to create theirs which will be regulated by the government itself. In as much as there's no ban on trading crypto currency then there's no problem.

I think that it will be a good thing if the other countries are able to create a digital version of their currency as well not only because it will allow for crypto to spread in its reach, but also because if you look at it, this will also promote the relationships between the various countries for global economic growth.

 

[Nicklas22]

The digital yuan is designed to replace cash in circulation, such as coins and bank notes, not money deposited long-term in bank accounts. Unlike cryptocurrencies like bitcoin, the digital yuan will not use blockchain, distributed ledger technology which allows transactions to be validated without the need for banks

 

[haider00]

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?

The Digital Currency Electronic Payment project is underway.
Digital Yuan is the digital form of fiat currency held by the central bank of India. This is brought forth to reduce the currency circulation and make the whole currency system into a digitized network.

 

[BrolySSJ]

The digital yuan is designed to replace cash in circulation, such as coins and bank notes, not money deposited long-term in bank accounts. Unlike cryptocurrencies like bitcoin, the digital yuan will not use blockchain, distributed ledger technology which allows transactions to be validated without the need for banks

If the digital yuan is not going to make use of the blockchain then what type of technology are they going to use to record this information and to ensure that all of the records of the transactions are kept safely? Do you have any idea what type of technology china is planning to use as opposed to blockchain?

 

[Abibatabosede]

Wow this is a wonderful thing to hear, China is really striving to lead the whole world in every way.I think this is an incomparable difference China has made between Yuan and the bitcoin.
Bitcoin is like an item in the market while Yuan is a means of payment for the items.

 

[Holluwaphemmy]

This is a very fascinating thread. So China is also working on a digital currency or can I call it cryptocurrency. It's fine but that'll take a host of time in order to contend with bitcoin in the market. It's a nice idea though

 

[Lyrrex]

This is quite interesting to know that China was actually working to develop its own digital currency but the yuang digital currency is quite different from bitcoins that's all I know I don't have any understanding of how both of them work.

 

[Lagazine]

This is very interesting. I was aware that china was working towards a digital currency, but I was not aware that they have already release and having been making use of the digital yuan. I think that this is why the Chinese economy has such a massive influence on the crypto world and the digital currencies because they seem be right at the forefront of these developments. As for the differences, I have not heard of this, but is it safe to assume that the digital yuan will be more regulated and controlled than the bitcoin because it is an official currency of the country?

Chinese Yuan digital is a cryptocurrency which is just like BTC, ETH, but, but bitcoin is more important than as its accepted word wide, for the transaction of different business while Chinese yuan digital coin is only acceptable in China.

 

[Ridorz]

I do not have any idea about Yuan Digital before even this my first time I will hear it. But I will like to know more about it by research making on it. And I will learn how to use it as far that it similarly to Bitcoin blockchain.

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?

 

[Henrywrites]

To the best of my knowledge it appears to be like China's already existing digital payment apps like wechat and alipay. However they can store money on it just like keeping funds in the banks. I think is designed to reduce or remove cash in circulation.My concrn is wont that make banks in china useless?

It won't as China is a strong economy with lots of businesses happening there. It will make the economy attractive too and easier way of doing business especially for foreigners buying their products. So, it's a way to compete with Bitcoin, but I don't know how this will end.

 

[Tiwa]

I do not have any idea about Yuan Digital before even this my first time I will hear it. But I will like to know more about it by research making on it. And I will learn how to use it as far that it similarly to Bitcoin blockchain.

If it can be monitored then it's nothing like Bitcoin except the fact that it's also a digital currency that can be stored online/a wallet rather than banks like Fiat money .
That's why Bitcoin and other.altcoin will always have an edge for the anonymity hidden in it's transaction.

 

[Josemendez]

The Chinese digital Yuan is also known as central bank Digital Currency ( CBDC ) . it was a strategy used to counter the effect of cryptocurrency , and also to make their fiat currency transaction faster.
Bitcoin on its own is a cryptocurrency and is not controlled by anyone unlike digital Yuan