What is a Central Bank Digital Currency? Explained Simply

What is a Central Bank Digital Currency? Explained Simply
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Do you know what a central bank digital currency is or how a CBDC might actually work? Plenty of people are talking about CBDCs today, but most people do not understand how it's actually different from money today.
Because as we look around and we make our payments, we get our paychecks, and we send money, it is all digital anyway. So, what is the difference between today's money and a central bank digital currency, and why is it that I always say that a CBDC is a tyrant's wet dream?
Timecodes
0:00 Video Overview
0:32 Intro
0:40 Commodity Money
1:23 Commodity Backed Money
3:24 Public Ledger
6:18 Private Ledger
10:16 Outro
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#CBDCsExplained #CentralBank #DigitalCurrency

[@scarbo2229]

The last sentence is the most important.

[@rolfsteiner8525]

One of the best stark informative explanations I've seen / heard . GREAT WORK Joe !!

[@whitewiz222]

Yep, great work .. I'll def make use of it for educating family/friends.

[@kyscupi]

Thanks for explaining. So federal reserve want to enslave us again

[@Squirrel219]

Awesome description! So glad you simplified it so others can understand.

[@iamtheninth713]

Awesome video. I managed to get everything you said on the first watch. I think the bigger shame here is that if this really is pushed out, I doubt they'd face much pushback because so many people are financially ignorant or SIMPLY don't care. Dark future ahead of us.

[@whitewiz222]

Spread this video far and wide.

[@Roylamx]

The popular response is "Yeah, its bad, it's really bad and its getting worse, but what can I do, I'm too busy to pay attention." and that's from the few who know about it and care enough to answer. But I'm sending this vid to my fends in case it matters.

[@rajeshks2040]

@@Roylamx most people are desiring digital currency. It's a fancy idea for them. That's the biggest problem.

[@mohammadikram687]

@@rajeshks2040they don’t own the internet neither the code of digital wallets they are using or i can say in short they trust & keep their money on those systems on which they have no control whatsoever but still they r using it😢

[@user-lr3qg1lf1u]

I AGREE 100%.

[@youngbutternut5536]

This is one of your best. Well done!

[@hkkyt8963]

Don't see many youtubers covering the rai stones, Ill tell you that much! You provide a similar level of monetary history education as lifelong econ academics/ quants on twitter do. Great job getting this sort of info to the more broad youtube audience.

[@loritahubbard5623]

I love how clearly you presented this information. I learn something new every time I watch your videos. Thanks.

[@scuffmacgillicutty7509]

"Absolute power . . . " ! Need we say more? Great channel.

[@captainobvious5993]

Absolute power over the individual

[@7880ivan]

I have to like your videos. It makes it easier for me to find them to watch again. You break down in 10 minutes what is typically five hours of reading. Thank you.

[@AngelinaATF]

lol 😂

[@bobbyflores220]

i love the way these videos are explained, short and sweet!

[@peterkouvelis7457]

Love your work Joe.

[@catamaranmentor]

Thanks, I have been waiting for you to make this video so I can share it with my friends to educate them. Now please also a simple video on money printing and it’s affects. All your previous videos on money printing are kinda mixed with other topics. Keep up the great work.

[@user-ep2nt4jn7c]

@Heresy Financial Thank you for giving a straightforward yet succint explanation. You've earned yourself a new subscriber. Cheers man

[@joelmartinez6524]

Best and simplest explanation yet. Thank You

[@widxchange]

Good video. Concice, clear, direct and highly informative. Thanks.

[@wjuventus1988]

Wow. Thanks for this explanations

[@austinbyrd4164]

I would love a video explaining how money printing misallocates resources. Or how higher time preference distorts the structure of production throughout the economy.

[@captaincolayt]

Amazing content brother. In 10 minutes you explained everything we need to know about CBDCs and the way you did it was very clear and understandable. Thanks for the knowledge !

[@suusNYC]

So clear about money and CBDC’s. Thanks! Maybe you could do another video to clarify the last 30 seconds. You could distinguish the history of governments, central banks, and the private owners of central banks.

[@markscheidler5331]

Wow. Amazing description. Easy to understand and terrifying as well. Thank you.

[@lukacvetkovicc]

That is actually really helpful, thanks mate. :D

[@TheSilverSandwich]

Great vid as always.

[@-whackd]

Nobody has explained how one is going to operate and how it won't just immediately crash as people transfer into another currency.

[@dshepherd107]

What if the other currencies just don’t be accepted DC by the 🇺🇸 gov? That’s all they’d have to do, if I’m not mistaken

[@terranceramirez4816]

@@dshepherd107 of course if they push too far too fast they might end up FAFOing.

[@justanotheroglesby2847]

@@dshepherd107 what if like pre 1965 coins or current American eagles or say even us bonds something they can’t not consider money? They’d make stupid rules. I can see their easiest cases to push are government x n o on computers. Socal security, Medicare, military pay etc.

[@AronIanchiciFilm]

They could also render your cash worthless and you’ll be forced to trade in dollars for CBDC. Dollars would have no trade value for anything else at this point so you’ll be stuck having to trade it in.

[@briannewman5614]

@@terranceramirez4816 right right. If no one uses it . Then it's worthless.

[@cruikshank]

Excellent easy to understand explanation. Even for an old Lotus 1-2-3 user. Everyone should see this before 12-13-22. I sure miss Ross Perot who could afford the airtime to sit and explain this to America.

[@ivocaponio4797]

thank u very much 4 this good explanation. i've learned something.

[@Shiny-Robot]

Brilliant explanation thanks

[@oraclebyajay6151]

Very well explained

[@cheeseburger3209]

Nice work Joe

[@jayneweaver8695]

Appreciate your bold factual videos! You may have to do a video explaining the difference b/t the public and narcissism, sociopaths, and psychopaths so that listeners will be able to recognize each and be able to associate that with each member of our governments.

[@LV8R]

Excellent explanation of public ledger! 🛠🚀

[@TheBossNitaRay]

Very well explained.

[@j.sancho8286]

Never watched any of Joe’s videos before. I stumbled across this one by chance since I was searching for CBDCs. After watching it I willingly hit like suscribe. EXCELLENT Content!! and, on top of that, he is one of the few that has no need to request watchers to hit like suscribe which is the way all youtubers should be. In fact, one of my favorite quotes is “the best way to convince is not having to convince” I will also use this video to share it with friends and family. Way to go Joe

[@BagOfSuck]

Very well put together! thank you!

[@josephg.3370]

Great Show!

[@jorgeloera2809]

Great video! Made me subscribe

[@chargermopar]

I am going to enjoy this explanation!

[@kenodan5654]

Thank you!

[@nitinshetty0706]

Well articulated.

[@jamesfortune243]

Unlike gold or silver, CBDG's have no inherent value, thus no theoretical bottom.

[@Tech-Dev]

Cheers for this.

[@tanyabailey1935]

Great explanation

[@jadejoyner2043]

THANK YOU! I have been hearing CBDC everywhere and was so confused!! This is wild that anyone would even think this is a good idea 🤦🏾‍♀️

[@Christian-ql4vw]

Excellent

[@sdrc92126]

The final solution. With a smile

[@thenewwayhome]

If all of the people of this nation have read this nation's history, then all of us would've known how greedy this nation was for power and control over others in the past. Just right there, says a lot! Keep all these great videos coming!

[@rolfs4743]

What a great video, perfectly explained! Worth its bytes in Bitcoin!

[@shedlight369]

Literally, one of the best videos on the CBDC subject, I've seen. So.......how do we stop it from happening?

[@Blue1Sapphire]

Interestingly the Bible tells us a private ledger based monetary system will be introduced at some point before the end of this age. Revelation 13 & 14 explains it well. CBDC fits this prophecy quite well. Who would have thought a prophecy written some 2000 yrs ago is about to come true. The question arises why would the Good Lord allow such an event to occur, where only a few exercise authority over many? The answer to that question is not new for essentially when man walks away from his Makers commands ( think abortion & same sex marriage) another steps in and takes control. That one, who is our adversary has a mission statement which is, " steal, destroy and kill". He is good at what he does as can be seen all around u. The solution is found in 2 Chron 7:14.

[@kaputasri]

A must watch video for everyone who loves freedom.

[@meddylad]

Personally, I dont think physical money will ever go away..... there will always be a large number of the worlds population will still want physical money and not money that is controlled by a computer and its 'operators'

[@ladabe4979]

Joe out here doing Gods work l👍

[@the1dud]

Like the Lehman's terms you put forth for all to understand.

[@equim7363]

What a great video, portraying the terrifying future we have ahead..

[@orangeofmars2835]

Appears that the fundamental basis of debt being the commodity is the actual sound basis of the cause of debt which is in an ideal economic system things that are created, built, done etc. IOW people originated things that can forward all forms of production.

[@nickm2400]

Great explanation, thank you! * Potential…… enough said

[@douglasdunn6015]

Commodity money is the only money , all others are currencies .

[@EconomicNinja]

Keep crushing it Joe!!!

[@Zeecash22]

Wow man I'm speechless.

[@garrison7888]

What happens if there's a total crash or your Internet goes down there's no way you can get into your account,

[@JamesPhillipsOfficial]

Digital was made for connectivity, not security and it's the same for money. Keep cash going. Everytime we use cards (as convenient as they are) we are subliminally giving the green light to a CBDC in future. Arguably it started with Credit Cards in particular, digital money that isn't yours, to spend as you wish. Only a CBDC will diminish this to "money that isn't yours, to spend how The Government wish".

[@MylesGmail]

Share his videos pls guys. He gives Free, important info

[@nickm2400]

Silly question: if the DC is public will each person be given a unique number not a name? Will you be able to keep your financial situation private? Thank you for this explanation but it would be great if you could expand a little more. Cheers.

[@keis33]

The explanation that CBDCs are a editable spreadsheet that only the government sees made it really easy to understand. Also, made it terrifying.

[@wimfreriks3997]

What are the rates doing for the national dept?

[@miken7629]

Countries are considering CBDC's for one reason, to make money. To manage CBDC's requires computer resources, software development, accounting, and bureaucratic overhead, there has to be fees associated with transacting CBDC's and those fees will be taxed, which creates something equivalent to a national sales tax as CBDC's are spent. Imagine the income generated as a percentage of every transaction.

[@TheDrownGod1213]

Would the Aladdin system used by black rock be used to manage all this or ?

[@jerrystawnichy3873]

What about countries like Panama and Ecuador who use the dollar .

[@NathanMartin11]

What would a privacy coin such as Monero be considered in this list of four types of money? Thanks!

[@vittoriolancia5365]

I have a digit for digital currency.

[@imranmohammad9338]

Will it go up like btc or will stay on 1 price?

[@joshuarose1130]

So what do you suggest people do with there money they have now

[@Khalfan-gm5et]

Came From top g

[@lorealdrayton6164]

the private ledger is going to be a KILLER! ugh.....

[@3_Klos1122]

Anything other than commodity money is just people trusting others with debt

[@FeezieFilms]

What are those public list called?

[@nailachou1174]

Hyperinflation like in the 70s only caused the US central bank to increase interest rates which led to sovereign debt crisis in countries in the global south resulting in their downfall due to their forced dependence on the US dollar. If some people are now pushing for public ledger money as an alternative with increasing regulation over crypto and bitcoin companies isn’t there potential for central planners whether central banks and/or central governments to abuse their power over the system.

[@daimmalik9603]

Public ledger is the way forward. The only way to freedom.

[@danieldanielson2650]

History shows that power is ALWAYS abused. Always.

[@shadowz4780]

So how would we protect ourselves?

[@leroyessel9132]

Will the FedNow Service be the intro to CBDC?

[@RobertKnieper]

So it's not public vs private ledgers, it's more the ability to control each of those. A public ledger controlled by a few is still tyrannical. So really it is centralized power over that ledger vs decentralized power. The ability to not only see the ledger, but also impact it.

[@johngammon963]

Ah good old Phil and John.

[@oslow4729]

Aaron Russo warned us years ago after meeting with Rockefeller

[@surfside75]

You Sir.. U know😁

[@chickennoodles5265]

Absolute power corrupts absolutely

[@Lisa14441]

So what will happen to the money we already have in our bank? What happens to Social Security payments? Peoples savings IRA pensions?

[@cruxclimber0600]

i'd rather not find out

[@boboallan1]

We are the government and we are here to help you.

[@newnew-jk2kh]

History shows that power will be abused absolutely.

[@kingpotato1022]

Tate

[@marion6068]

Thank you for this point of view and analysis. One might then wonder, could mankind survive without a tyrant? Not mentally developed enough, we are still primitive as current affairs and history show. Our little lives will continue to be devoured and gambled upon by tyrants. Till a super power outside Earth comes for whatever reason to conquer and restart us or till Earth stands still...

[@0xac829]

"What is the CBDC?" Something I'll never use.

[@musicultra571]

Andrew Tate sent me here 😅

[@savagenovelties]

That was scary

[@WendyNikitisLacheiou]

Scary stuff here

[@akidwaimd]

I have heard that once the USA goes fully onboard with CBDC by the Summer of 2023 it will be illegal to use paper currency at all in your daily life. Is this correct?? CBDC will alow the govenment to decide how much of an item you are alowed to buy. Let's say you go to the grocery store to buy some ground beef. When you get to the checkout line all your items are able to be scanned in except for the 5 lbs of ground beef you picked up. Why? You have already bought 15 lbs of ground beef this month and the govenment says that raising cows contribute to global warm, and we "must limit" consumption of ground beef to no more than 3 lbs per person per month. Your family of 5 have meet your limit of 15 lbs of beef this month so your are not able to buy any more beef until the 1st of the next month!!!!

[@biglyredly8637]

How long before your banned?

[@westfield90]

Scary as hell

[@TXLionHeart]

Can we please end the damn fed already?

[@Iswimandrun]

Feel like you left out privacy coins.

[@alexd4102]

The current system has worked fine if it's not broken don't fix it

[@angiet4054]

No don't want it, don't want to be told what I can and can't spend my money on.