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<p><strong>The European Central Bank (ECB) is speeding up its work on a digital euro, with a budget of €1.3 billion. Meanwhile, Bitcoin continues to attract new enthusiasts every day, drawn to the cryptocurrency’s radical decentralization. But the digital euro and Bitcoin embody two opposing conceptions of what money is.</strong></p>
<h2 id="h-the-digital-euro-state-currency-under-control">The Digital Euro, State Currency Under Control<strong>&nbsp;</strong></h2>
<p>With the digital euro, the ECB aims to adapt money to digital <a href="https://www.cointribune.com/en/the-crypto-transaction-boom-in-2023-bitcoin-and-usdt-leading-the-way/" target="_blank" rel="noopener noreferrer nofollow">payments</a>, while retaining tight control. Use would be limited, with a cap on transactions. And data could be harnessed for monetary policy purposes.</p>
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<p>The digital euro thus remains a state currency, where trust is based on the issuing institution. Citizens have no say over the rules or evolution of this currency, which are entirely decided by the ECB.</p>
<h2 id="h-bitcoin-a-radical-rethink-of-money">Bitcoin, a Radical Rethink of Money&nbsp;</h2>
<p>By contrast, Bitcoin represents a complete paradigm shift from traditional currencies. No central authority controls the issuance or the rules of Bitcoin.</p>
<p>Trust is based on a decentralized open-source protocol, maintained by an international community. Every user can participate in Bitcoin’s governance by freely choosing the rules that govern their money.</p>
<p>Bitcoin is even designed to resist any attempt at control by a state or central bank. Its value is based on a consensus among participants, not on a centralized issuing institution.</p>
<h2 id="h-two-visions-of-the-monetary-future">Two Visions of the Monetary Future<strong>&nbsp;</strong></h2>
<p>Through the digital euro and Bitcoin, two radically opposing visions of the monetary future are clashing.&nbsp;</p>
<p>On one side, central banks like the <a href="https://twitter.com/ecb/status/1745089243616067665?t=mRViGQBLDPPX74tDJ21icg&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">ECB</a> seek to maintain their state control over money, adapting it to the digital era.</p>
<p>On the other hand, decentralized currencies like Bitcoin are challenging this model to give control to the users themselves.</p>
<p>It’s still unclear which approach will prevail in the long run. But the contrast between these two possible futures could not be more stark.</p>
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<p>Either our currencies will remain centrally decided by state institutions. Or they will become self-regulated decentralized protocols, where trust emanates from the users themselves.</p>
<p>Through the digital euro and Bitcoin, two radically opposing visions of the monetary future are clashing. The ECB is defending the model of state currency against a profound challenge posed by decentralized cryptocurrencies such as Bitcoin. Whatever the outcome of this debate, there is no doubt that Bitcoin has played a decisive role in challenging the very nature of money in the digital age.</p>

Bitcoin vs Digital Euro: Two Opposing Visions of the Future of Money

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Cointribune EN

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