Our Government Is Creating A Cryptocurrency | What You MUST Know
The government is creating a cryptocurrency - Fed Coin, here's what you need to know.
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The US government is creating their own cryptocurrency. The digital dollar also known as Fed Coin or CBDC (Central Bank Digital Currency). This is a project that is in joint collaboration MIT the Massachusetts Institute of Technology and our government and it’s something that was talked about for a long time. This is still top secret but details will be revealed in Q3 or July of this year.
In this video I wanted to talk about what the government actually plans to do and what you need to know as far as what it means for the future of crypto, - does it mean crypto will go up in value, is it going to go down, does it mean the end, is it going to compete? Is Bitcoin going to be replaced?
What is Fed Coin?
Fed Coin is a federal coin, a government coin which is also called CBDC (Central Bank Digital Currency)
Isn't the dollar already digital?
The dollar itself is not digital, even though it exists on a computer, whenever we send money to each other, we’re not technically exchanging that money, we’re transferring digital rights or a digital claims which is denominated in dollars that don’t technically exist yet. Banks that have more than 124.2 million dollars in assets are required to keep at least 10% of the reserves on hand and the rest they can “digitally print”. This is because the infrastructure of how money works is extremely complex.
The complexity of our system:
Remember the Gamestop and Citadel situation when Robinhood froze trading? That was because of T+2. This is because when we place a trade to buy or sell stocks in an app like Robinhood - for us it’s instantaneous - we put in an order, order gets filled, we have the stock - but behind the scenes what actually happens are 3 phases.
Phase1: the execution phase which is where we enter into an agreement between buyers and sellers, then our trade goes through clearing which is phase 2 where those transactions get recorded and made sure that the money is in place and accountable, and then phase 3 is the actual settlement where we exchange money for stocks. This can take 2 days which is why Robinhood needed the cash to front those trades (allegedly).
What is the goal of Fed Coin?
The hope is that Fed Coin would potentially be instantaneous without going through any middleman like banks and payment processors.
Pros & Cons of the Digital Dollar:
Pros: It's going to help the government become more efficient at collecting taxes.
Cons: it’s going to make the government more efficient at collecting taxes.
Just kidding, here is the real deal.
Pros:
- Atomic Swaps (allows people to move money in and out of crypto extremely quickly without middlemen)
- Velocity of capital (increases speed with which we exchange money which means more stability for the system which means more utility for crypto to function like an actual currency)
- Less wait time to withdraw from exchanges (potentially)
Cons:
- Government will finally phase out cash
- Less financial privacy
- Another system of control?* (speculation)
When is it going to be released?
It's not official yet and the government is divided. Jerome Powell says he will make it happen when Congress votes for it. Janet Yellen, the Treasury Secretary says that the digital dollar could help people who don’t have access to the banking system while other people like the chairman of the senate Banking Committee Sherrod Brown who represents the interest of big banks says the government is jeopardizing the stability of our economy with a solution to a problem that doesn’t exist.
Did you know what Satoshi Nakamoto means central intelligence? That’s why some people think that Fed Coin is Bitcoin and that it was actually created by the government in secret as a tool to keep track everyone, united under a single world reserve currency (fun tidbit that isn't true).
*None of this is meant to be construed as investment advice, it's for entertainment purposes only. Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.
The government is creating a cryptocurrency – Fed Coin, here’s what you need to know.
► Get up to a $250 in Digital Currency: https://blockfi.com/andrei
► Where I Buy Bitcoin: https://gemini.sjv.io/1E3dz
► My Stock Portfolio + Stock Tracker: https://www.patreon.com/andreijikh
► Get 2 FREE stocks valued up to $1850 (when you deposit $100): https://act.webull.com/kol-us/share.html?hl=en&inviteCode=QhhB1aDNwEDP
► MY DISCORD: https://discord.gg/9TVPxj73Bb
► ROBINHOOD (Get 1 Stock When You Sign Up): https://robinhood.c3me6x.net/c/1980551/671816/10402
► Open A Roth IRA: https://m1finance.8bxp97.net/c/1980551/696710/10646
► Follow Me On Instagram: https://www.instagram.com/andreijikh/
► How I Protect My Bitcoin: https://shop.ledger.com/pages/ledger-nano-x?r=535643c13ab0
My PO Box:
Andrei Jikh
4132 S. Rainbow Blvd # 270
Las Vegas, NV 89103
The US government is creating their own cryptocurrency. The digital dollar also known as Fed Coin or CBDC (Central Bank Digital Currency). This is a project that is in joint collaboration MIT the Massachusetts Institute of Technology and our government and it’s something that was talked about for a long time. This is still top secret but details will be revealed in Q3 or July of this year.
In this video I wanted to talk about what the government actually plans to do and what you need to know as far as what it means for the future of crypto, – does it mean crypto will go up in value, is it going to go down, does it mean the end, is it going to compete? Is Bitcoin going to be replaced?
What is Fed Coin?
Fed Coin is a federal coin, a government coin which is also called CBDC (Central Bank Digital Currency)
Isn’t the dollar already digital?
The dollar itself is not digital, even though it exists on a computer, whenever we send money to each other, we’re not technically exchanging that money, we’re transferring digital rights or a digital claims which is denominated in dollars that don’t technically exist yet. Banks that have more than 124.2 million dollars in assets are required to keep at least 10% of the reserves on hand and the rest they can “digitally print”. This is because the infrastructure of how money works is extremely complex.
The complexity of our system:
Remember the Gamestop and Citadel situation when Robinhood froze trading? That was because of T+2. This is because when we place a trade to buy or sell stocks in an app like Robinhood – for us it’s instantaneous – we put in an order, order gets filled, we have the stock – but behind the scenes what actually happens are 3 phases.
Phase1: the execution phase which is where we enter into an agreement between buyers and sellers, then our trade goes through clearing which is phase 2 where those transactions get recorded and made sure that the money is in place and accountable, and then phase 3 is the actual settlement where we exchange money for stocks. This can take 2 days which is why Robinhood needed the cash to front those trades (allegedly).
What is the goal of Fed Coin?
The hope is that Fed Coin would potentially be instantaneous without going through any middleman like banks and payment processors.
Pros & Cons of the Digital Dollar:
Pros: It’s going to help the government become more efficient at collecting taxes.
Cons: it’s going to make the government more efficient at collecting taxes.
Just kidding, here is the real deal.
Pros:
– Atomic Swaps (allows people to move money in and out of crypto extremely quickly without middlemen)
– Velocity of capital (increases speed with which we exchange money which means more stability for the system which means more utility for crypto to function like an actual currency)
– Less wait time to withdraw from exchanges (potentially)
Cons:
– Government will finally phase out cash
– Less financial privacy
– Another system of control?* (speculation)
When is it going to be released?
It’s not official yet and the government is divided. Jerome Powell says he will make it happen when Congress votes for it. Janet Yellen, the Treasury Secretary says that the digital dollar could help people who don’t have access to the banking system while other people like the chairman of the senate Banking Committee Sherrod Brown who represents the interest of big banks says the government is jeopardizing the stability of our economy with a solution to a problem that doesn’t exist.
Did you know what Satoshi Nakamoto means central intelligence? That’s why some people think that Fed Coin is Bitcoin and that it was actually created by the government in secret as a tool to keep track everyone, united under a single world reserve currency (fun tidbit that isn’t true).
*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.
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If you look closely at .5x speed, you'll still have no idea how it was done
So what happened when and if the internet goes down? What happens if the exchanges go down or systems get hacked? 🤔 Not so good.
I feel like crypto is what is conditioning us to except a cashless society.
Government crypto… Kind of defeats it's purpose huh
Talking about passive income and investment, I will go with crypto currency
Why not mention that FedCoin will replace altcoins like Tether (USDT) and USDC? It will actually be nice to have a USD cryptocurrency issued by the government for those who want to convert back to dollars without having to trust a third party to maintain a 1:1 equivalent and whether or not they really independently audit that. Also, the point of any of these USD-equivalent coins is so you can hold crypto denominated in USD so you can move into and out of cold wallets and not have to trust your USD balance in an exchange that it's secure from hackers and insider theft. If you know how to manage cold wallets, it's probably the safest way to hold money.
Hey Andrei. I think you shoud look into a project called Oasis. Should round out some of your research.
Bitcoin is a scam. It will never be the new digital currency because it's impossible to scale bitcoin beyond 10% of the global population. That would require more power that we have on the planet. So if you're putting money into bitcoin, you might as well be throwing it in the trash.
The Bible already prophecied that we'd eventually transition 100% to cryptocurrency.
Revelation 13
Hey Andrei, if we're using the Digital Dollar and we want to send money to Japan and convert those Digital Dollars to Digital Yen, what coin is going to be used as the bridge currency? lol.
Google translate:
Japanese -> English
Satoshi Nakamoto -> Satoshi Nakamoto
English -> Japanese
Central Intelligence -> sentoraro interrijensu
Fun tid bit huh?
〰 In any country, prison is where society sends its failures…
But in this country, society itself is failing〰
It also means if some scumbag politician wants to raise taxes they just have to plug in a computer code and we have more money taken from us instantly
The blue eyes white D ! So expensive and rare.
I don't trust this administration to produce a digital currency that is worthy of a free people.
What rock have you been under.???? They will track everything we do and they will be able to lock our accounts if we disobey their rules.
Aww! You did a show on the trick :'(
Government: we want to make the dollar digital so that we can further control the global market and everyone's money via a soon to be social credit system which has been tested already in China.
Everyone else: Omg thank you thank you, so convenient!! Sign me up daddy!!
I'd call this new coin AmeriCoin, not FedCoin
yeah, buy the digital dollar who is traceable and don't buy btc who is practically untraceable. also the american dollar is the biggest mistake of USA because it make btc a real opponent and people will be actualy forced somehow to enter in the internet economy and this is how more and more people who today dont know nothing about btc will start use it daily. so good job USA for making BTC more powerfull than ever .
are you high right now? do you ever get nervous?
The digital dollar's purpose will be used to create new bubbles to counter act the dollar's inflationary state. They could use it for payments to citizens, social security, universal basic income, medicare, medicaid.