While governments worldwide are trying to battle the decentralized component of cryptocurrencies, they are using Blockchain technology to spin off their digital currencies.
The truth is that the Bitcoin crypto world is getting more and more popular among many enthusiasts worldwide. In the last several years, numerous countries have developed their authentic cryptocurrency.
To this date, these countries have succeeded in their mission, and now we have the Emcash from Dubai, Cryptorubble from Russia, E-Krona from Sweden, J-Coin from Japan, Petro from Venezuela, etc.
However, in this article, we’d like to dedicate our attention to one specific and long-awaited cryptocurrency from the United Kingdom called the “Britcoin.”
Britcoin – get to know all the fundamentals.
It’s no secret that many countries have developed their digital currencies. The United Kingdom was among the last to join that trend. The British government is exploring the possibility of creating a Britcoin, a new digital currency that will represent a form of new digital money.
We are speaking about a state-backed cryptocurrency that is also referred to as “dubbed bitcoin.” This move comes after tumultuous weeks in the crypto world. The British minister of finance has confirmed that the launch of the new digital currency CBDC will happen.
However, this project is still in the exploratory and consultation process.
What will be the price of a Britcoin?
We can note that the price of the Britcoin has been formed already. At the present moment of writing this article, the exact cost of a Britcoin has reached lowly $0.000330. It is essential to understand that the trust in the issuer backs the value of all digital currencies around the world.
The factor of supply and demand is a crucial aspect of the Britcoin price forming as well. Hence, all the financial authorities promoting its creation, alongside the government, will try to convince everyone of its numerous benefits and advantages.
The advantages of Britcoin
For those wondering what the main advantages of Britcoin are, we can be assured that it will change ordinary spender’s and saver’s relationship with the Bank of England. Currently, people are spending Bank’s money in situations where they are using banknotes.
The great majority of their transactions are electronic nowadays. Therefore, these people are using money that high street banks and their challengers have developed. With Britcoin cryptocurrency, they will be able to use the Bank of England’s money without any middleman.
It also means that, with Britcoin, some fees and profits for commercial banks will be potentially reduced. Besides that, the risk of money being held by a commercial bank that went bankrupt will be removed.
Will Britcoin replace cash?
The UK Chancellor Rishi Sunak has formed a team of officials from the Bank of England to look into the proposal. Sunak said that the CBDC, the Central Bank of Digital Currency, will not replace the cash.
Instead of that, it will coexist with it. He also stated that cash remains essential to millions of people in the United Kingdom and that they must have full access to it.