Knowing what will come with the Digital Dollar
Hello friends..!
Greetings friends, I am sorry to have been absent for so long again, it is not possible for me to make immediate plans because I always have to redirect my activities, but I feel really happy to have found inspiration to write for you again.
The topic that I bring today is something that I have been hearing for a long time from good sources, but I had not finalized an idea about it until today that I decided to concentrate and gather everything I know about it so far in this post.
I am talking about the “Digital Dollar”, which is the digital version of the well-known North American currency, this would be created and controlled by the central bank of the United States, or at least these are the plans.
Is the “Digital Dollar” a currency or a crypto?
It is the first question that comes to my mind, because until now it has been easy for many of us to make some transactions and investments with crypto assets, but the entry of this new element or digital currency would attract the attention of many people, or at least already. has my attention.
So far it is said that the "Digital Dollar" could be equated to the US dollar that we all know, taking into account that this digital version can also be used to make our purchases online, it will be very possible to pay for services, almost any type of online transaction, participate in investments and even save a little, this is the part that I like the most.
In terms of its commercial value or denomination, the "digital dollar" would have the same value as the USD, so there would be no variations in its value. And if for some reason someone within the United States does not have a bank account, there is the possibility of creating electronic accounts, and this makes us think that transactions with the "digital dollar" may not take place on the Blockchain platform, there aren't many comments about it.
It's not working yet, but we already thought about some negative aspects
It is a fact that the "digital dollar" is not a Cryptocurrency, so it will not be working under the Blockchain protocol (until now), what is known is that it will be controlled by the central bank of the United States (FED), without leaving aside that the protocol of all transactions of the "digital dollar" will be "digital". Based on this idea, we can think that there will be no privacy in digital transactions, since all the data and information of the users will be in the hands of the Federal Reserve (FED or central bank), and it is really necessary to keep certain information safe.
Another possible disadvantage would be that the United States currently does not have the technological platform that is needed for this new digital currency, since it would not operate in the traditional banking system. In any case, this would not take long to be established.
But we can also explore some positive aspects
We do not have to be negative, some positive aspects could be very attractive for the holders of the “digital dollar”, such as:
- Greater speed of transactions such as traditional transfers that previously took time to be reflected in bank accounts, now, they will be transactions that take a few minutes to complete, and this is really great.
One might think that there will be no known commissions for bank transactions or at least they will be lower, since the "digital dollar" will simply not be operating through traditional banks, or at least until now that is what has been proposed. This is a good incentive for users who wish to join this initiative.
"Digital" money would be safer under the control of the FED since there would be no possibility of a bank failure or financial fraud.
With just these 3 ideas, we have a lot to think about.
To close this post, it is important to clarify that it already exists in digital Yuan, so we cannot say that the "digital dollar" is a total novelty, but it is not bad to investigate a little about it. And one of my big questions is, can a foreigner inside or outside the territory of the United States have access to the possession and use of the “digital dollar?
If you liked this post, comment and let me know your opinion ..!
hello @tocho2,
it is interesting to see how the great powers try without any success to create a digital coin, first it was china who decided to create its digital coin, shortly after Russia tried unsuccessfully also to create its digital coin. now it is the turn of the usa with its digital dollar, personally i think that if they do not understand that people are attracted to coins because of the freedom and the little control that the ecosystem has, they will never be able to replicate the success that BTC has.
Your'e right @trabajosdelsiglo, freedom and few control mechanisms over money is what people want, maybe this digital currency works for some but for others it will not be so attractive
Thanks for commenting
Since the digital dollar is not a cryptocurrency and it is not hosted on the Blockchain, it is still under the control of the FED. And as such, will also be backed by the same principle of the FIAT dollar. My thoughts though.
Well, let's just keep our fingers crossed and see how it will play out.
Nice piece dear friend
Hello @samminator, certainly we will have to wait a bit to see how this ends and to see if it manages to take hold and gain acceptance.
Thanks for commenting
hello @tocho2
The US economy is going through many problems and more now with the problems between Russia and Ukraine, this motivated to boost more the digital dollar, which may oxygenate a little financial stability, but as you mention the security is an important fact that they have very present and will serve as input for other things surely.
Thank you very much for sharing
Hello @dgalan, I really hope that the digital dollar does not fail, on the contrary, I would like it to really generate an economic boost in those sectors where "economic confidence" has been lost, but there are still many things to be seen
Thanks for commenting
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Hi dear friend @tocho2
I have many doubts about this digital dollar, especially the platform on which it will operate, but since there is a digital yuan, I assume that this will be something similar, we can not do anything else, just wait for news on this subject
god bless you
Exactly, at the moment it will not work with a blockchain, we just hope that the platform they use to work with the digital dollar is reliable.
thanks for commenting