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Except there is no 1-1 relationship between account balances and physical dollar bills. They are not "inventories" but records of balances and transactions. Wha
by shkkmo 6y ago
Except there is no 1-1 relationship between account balances and physical dollar bills. They are not "inventories" but records of balances and transactions.
What would have to be added to our current of tracking of dollars digitally for it to qualify as a digital currency?
- Eyght 6y agoWhen we pay with physical dollar bills, it's an exchange of unique notes with their own serialnumber. A digital currency would be the same thing, but electronic. Imagine using GIT for accounting.
- shkkmo 6y agoWhy is a new currency needed for that? All I see is handwavy explanations with zero actual details about how a new digital currency would let us do anything that we can't do more easily without adding a new currency.
- Eyght 6y agoGovernments and central banks are doing it to try to continue the cash economy, which has been slowly dying for some time now (a death recently sped up by the pandemic). Cash has some unique benefits over numbers in an account, the primary perhaps being that it's independent of banks.