Bitcoin vs other cryptocurrencies

Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional. How We Make Money The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories.

But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Accepted by a small number of retailers Universally accepted, legal tender Tend to be volatile, depends on market price Stable, consistent with central bank price stability mandate Unit of account Fiat currency e.

Australian dollars Governance Typically decentralised, relies on consensus between large number of entities. Centralised Typically a large number of competing entities Small number of trusted entities Surveys conducted by the Bank for International Settlements indicate that CBDCs are an active area of research for nearly all central banks. Despite this, only a few central banks have actually issued digital currencies — to date no high income country has issued a CBDC.

Primarily, this is because many of the benefits of CBDCs have largely already been realised by existing technologies. Some of the technology behind cryptocurrencies raises a number of considerations for public policymakers. Given the anonymity provided by cryptocurrency systems, and their worldwide reach, there are questions about how to limit the use of digital currencies for criminal activities.

In addition, the current fascination with cryptocurrencies has potentially added to the speculative nature of these markets, and has raised concerns around consumer protection. If cryptocurrencies were to be more widely adopted, they could also present some challenges for the role of the banking sector and raise additional financial stability concerns in a crisis. Furthermore, the vast amounts of electricity used in the mining of cryptocurrency raise concerns about the allocation of resources and environmental consequences of these payment systems.

In contrast, a CBDC could potentially support a number of public policy objectives, including safeguarding public trust in money and promoting efficiency, safety, resilience and innovation in the payment system. The Reserve Bank is continuing to closely examine the case for a CBDC and working with other central banks on this issue.

The Reserve Bank is considering the relevant technical issues, as well as the broader policy implications. To date, though, we have not seen a strong public policy case to move in this direction, especially given Australia's efficient, fast and convenient electronic payments system. It is possible, however, that the public policy case could emerge quite quickly as technology evolves and consumer preferences change. It is also possible that these tokens could offer a lower-cost solution for some types of payments than provided by the existing technologies.

Features of the Bitcoin System The most well known cryptocurrency is Bitcoin. Bitcoin was launched in , a year after a report that described the Bitcoin system was released under the name Satoshi Nakamoto.

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