Cryptocurrency Q&A
What are the downsides of digital dollar?
What are the downsides of digital dollar?
Federico
Sun Sep 22 2024
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6 answers
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Could you elaborate on the potential drawbacks of introducing a digital dollar? Are there concerns over privacy and data protection? What about the potential for increased surveillance and monitoring by authorities? Additionally, how might a digital dollar impact the accessibility and inclusivity of financial services for underbanked populations? Are there risks associated with the technical infrastructure supporting a digital dollar, such as cybersecurity threats or system failures? It would be valuable to explore these and any other potential downsides in detail.
6 answers
Luigia
Tue Sep 24 2024
Irreversibility is a fundamental characteristic of digital currency networks. It stems from the decentralized and distributed nature of blockchain technology.
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Davide
Tue Sep 24 2024
Transactions on these networks are finalized once they are validated and recorded on the blockchain.
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BlockProducer
Mon Sep 23 2024
This immutability ensures security and transparency, as transactions cannot be altered or deleted.
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Maria
Mon Sep 23 2024
However, the irreversibility of transactions also poses challenges in certain scenarios.
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MysticInfinity
Mon Sep 23 2024
For instance, if a user makes a mistake or falls victim to fraud, the transaction cannot be undone.
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