Bitcoin’s Foundation Stronger. Digital Dollar will Eliminate the Need for Private Cryptocurrencies.
Bitcoin Frame Sturdy, BTC/USD Prices Wobbly
Bitcoin price aside.
The Bitcoin network is now more robust and resilient to external attacks—should there be one—a few weeks after the crackdown in China. Just when critics predicted the end of Bitcoin, more nodes are sprouting up from across the globe.
Data shows that there are 3k more Bitcoin nodes in the last few days, a 21 percent increase in the previous 365 days. There are 12.85k Bitcoin nodes at the time of writing, deviating from the platform’s average of 10k nodes year-to-date.
Meanwhile, the network’s hash rate is also improving. After plunging to as low as 55 EH/s last month, Bitcoin is now more secure, with 108 EH/s in computing power.
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While at it, there is growing traction as far as the Bitcoin Lightning Network (LN) is concerned. At press time, LN’s capacity keeps increasing. There are over 56k channels and an overall capacity of over 1.8k BTC.
A Digital Dollar Will Extinguish the Need for Private Cryptocurrencies and Stable coins
The Federal Reserve Chairman, Jerome Powell, is building a case for a Digital Dollar.
On Wednesday, while answering questions from The House of Representatives Financial Services Committee, the central banker said a Digital Dollar would eliminate the need for private cryptocurrencies and top stablecoins as USDC or USDT.
Additionally, he proposed for a setup of a regulatory framework for stablecoins.
The Central Bank of the United States plans to support digital currency. The cost-effective digital dollar acts as a currency – with no delays, no processing fees or transfer fees – and can bring Americans a hindrance or inadequacy in the digital economy. Citizens can send money to each other or take out government debit cards to pay, and the money can be in a Fed-funded wallet outside of a private banking system.
The central bank is at risk of creating digital currencies (CBDCs), runners or data breaches, and if the Federal Reserve system can access digital dollars online, it will make the bank and digital growth is faster, more efficient and more accessible. The most important thing.
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