Graphically: ECB's proof-of-concept CBDC versus Bitcoin Cash
Additional Notes
(eventually I hope to update the diagram but space is tight)
left-hand side is original diagram from [1], but "Notes" and right-hand side diagram are my own. Feel free to share with attribution of the sources.
the blue lock symbol on RHS (next to the
Financial Institution) means "personal data on others". Some companies may of course also hold personal data about their customers - that is not currently illustrated.not mentioned is that is is unclear whether there will be an additional layer of regional Central Banks in the ECB model. I don't think that's addressed in the paper [1].
Note how "Users" don't even get assigned a definite tier in the ECB model. All we know is that they are the lowest rung.
Peers on the Bitcoin Cash network can choose the level of validation they want to run (only their own transactions, or a greater set, or the whole blockchain) and accordingly store only SPV data, a partial ledger copy, or the entire ledger.
Not being forced to use intermediaries in Bitcoin Cash means that no one party can block (censor) your transactions. It would take collusion of majority of miners on the network to block them - that is highly unlikely since Bitcoin Cash is a global, open peer to peer network.
Feel free to share and remix,attributing to the sources. Feedback for improvement most welcome in the comments!
References:
[1] https://www.ecb.europa.eu/paym/intro/publications/pdf/ecb.mipinfocus191217.en.pdf
[2] https://bitcoin.com/bitcoin.pdf
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ECB's current proposal looks even worse than keeping your money in a bank. Bank accounts have decentralised AML, decentralised enforcement of capital controls, and less bad privacy.