ECB against Bitcoin and pro Digital Euro

Nobody asked for it, nobody feels the need for it, but from Frankfurt continue sent to creation from the now infamous Digital Eurola CBDC who should see the light in the region EUR in a few years.

And the car of Propaganda, or if we want the didactic machine ready to reveal the magnificent and progressive destiny of the latest invention of the comptroller of the currency which is used in the European Union. L'Digital Euro? This will be ideal for cross-border transfers, they say. And it will be more than crypto-monnaies and Bitcoin.

Which, as we'll see, strikes us as a bit out of step with the truth. And it's a sign of fear of ECB lose the train against private projects that are already working and are already heavily used. Projects we can invest in with eToro - go here to get free virtual account with top cryptocurrencies and virtual capital – intermediary that allows us to invest in 75+ coinsall of the best choices available on the market today.

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European Central Bank: the digital euro leads cross-border transfers

The propaganda machine has kicked in, which should ideally make the digital euro desirable, even essential, for European citizens and for anyone wishing to carry out transactions in euros. The last to arrive as an argument is that of Transnational transfersor transfers to and from the European Union, to third parties or individuals outside the system SEPA.

The holy grail of cross-border payments is a solution that allows these payments to be immediate, cheap, universal in reach and with secure means, such as central bank currencies.

No one will pretend to be surprised for a host which obviously tells us that the the wine is very good and that the other alternatives, those sold opposite, are actually very poor. All with continual references to the Holy Grail that will tickle conspiracy theorists' wildest fantasies as well.

The Graal ? Obviously ready in the next 10 years

La Grail it would, however, after a search that began in Middle age, finally available. Or rather, it will be in the next 10 years, thanks to the magnificent and progressive fortune ofDigital Eurothat not without a pinch of malice we return to consider as wanted by no one, if not by central bank itself.

Then there is another Grail that cannot be ignored and that in fact the ECB ou ECB that he had to face. What possible Holy Grail? Obviously Bitcoin which also thanks to Lightning Network is now a potential player for this specific sector. This is also accepted by ECBwho however...

Bitcoin for cross-border payments? Never!

In reality, there is a kind of opening, but given the conclusion, the suspicion is justified that it is a kind of piece of rhetoric to give dignity of impartiality to the report you can find here.

  • One system can be used worldwide

Something Bitcoin is also recognized by the European Central Bank. There is no need for middlemen or complicated implementations. Bitcoin is accessible to everyone, without complications and is effective in this sense.

This makes it safer than other systems, where the risk of bankruptcy of the intermediary is real. And so another point in favor, from ECBfor Bitcoin.

  • The services offered by exchanges are now solid

And we are mainly talking about the possibility of conversion to and from local currencies. So that wouldn't be a problem either, and the framework for the ability to use Bitcoin as an alternative to international payments, it would retain several highly desirable features. But there are also attacks on some of the characteristics of $ BTC that, at least according to ECBrender this currency ineffective and undesirable.

  • Consumption of PoW technology

Incredible to say, in the report of the ECB there is yet another attack on Proof of work, which is defined as an expensive and unnecessary technology. A position that we have always defended and that we will continue to believe as fou. Who would be crazy enough to call armored glass and vaults a waste of resources? Because it is not yet possible to put the consumption of Bitcoin with the security and decentralization that these consumptions can guarantee (and of which the PoS can only dream?). The answer is indeed there: faced with the almost total absence of attachment points, a Bitcoinyou have to invent something, and insist until it becomes part of the vulgate.

according to ECB part of the perception of the usefulness of Bitcoin stems from the absence of anti-money laundering controls and KYC, i.e. the identification of wallets. And here too we repeat ourselves sesquipedal lienamely the fact that there is a wide use of Bitcoin for criminal activities. This has been denied by several analytical companies as well as by US Treasury.

Inner conservatism Bitcoin and his for sustainable it's something positive, because it lays a base on which to then develop on different layers, without the basic protocol changing with each gust of wind. For the central bank it would rather be a problem. And this ends by recalling the quality of these critiques, instrumental and political, which follow the trend now inaugurated years ago by the former director of the institute.

In the paragraph devoted to Bitcoin leaves ECB succeeds in the admirable intention of saying A and the opposite of A. Above, we praise the presence of intermediaries capable of quickly converting BTC into local currency. Next, we criticize the price volatility of Bitcoin, which would make it unsuitable for monetary exchange. Here too we are at the limit of science fiction, at least in our way of seeing things.

Do you want a spoiler? This is a battle the ECB cannot win

Let's not talk about the battle for the CBDCwhich we will probably see in Europe but nowhere else, where the citizens have already answered spades. Let's talk about the battle against Bitcoin.

Because if we've learned anything from history it's that when you have to lie to tarnish your opponent, it means you have more than a few worries about whether you should beat them properly or not. When the main institutions lie, we can only regret it, especially in a continent that has always fought as a champion, at least on paper, of transparency and good governance.

Of all this there will be little left, except the intrinsic strength of Bitcoin, on which you can also invest with Capital.com - go here to get a free virtual account with UNLIMITED TRIAL CAPITAL – intermediary that allows us to invest in $ BTC and many other assets.

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