Blockchain Basics

Blockchain Basics

In this video, Sabrina focuses on cryptocurrencies and the technologies that underpin them, such as blockchain. Sabrina explores the concept of digital currencies and their claim to have currency status. She defines what cryptocurrencies are and the potential concerns about the function of cryptocurrencies as a currency. The technology blockchain is defined and explored, with a focus on how it decentralises power away from one source, such as a bank.
Overview

In order to understand the complexities of the exploration of central banks into cryptocurrencies, it is important to explore the market dynamics of cryptocurrencies. Sabrina dives into the benefits of blockchain, as well as why it is currently viewed as inappropriate for handling payments at scale. One of the key questions tackled is the central concerns of cryptocurrencies being used as a replacement for cash and summarises the key questions around the viability of Bitcoin as a currency. Finally, Sabrina will discuss how blockchain can be used by central banks and why cryptocurrencies may jade some central banks’ willingness to explore CBDCs.

Key learning objectives:

  • Define what cryptocurrencies are and the central concerns around them

  • Understand the blockchain as a fundamental concept

  • Understand how cryptocurrencies and blockchain are directly linked to the development of CBDCs

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