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Bitcoin, due to its decentralized design, is censorship resistant without any need for a centralized authority. It has caused much speculation over the course of current socioeconomic models in terms of banking, money, privacy,  and government. We examine the history of money, and how Cryptocurrencies may disrupt the current global economy by challenging the U.S. dollar standard. Furthermore, we look structures and operations of speculated and emerging Central Bank Digital Currencies (CBDC) and their mechanics. We differentiate CBDCs from current commercial digital fiat issued by banks and analyze their role as potential tools for monetary policy and examine CBDCs currently in development in Venezuela, Estonia, & Russia. We look to how CBDCs would affect tax policy, its security, monetary controls and speculate their impact in domestic markets. We argue that Bitcoin will be considered ‘good money’, Gold for the digital age, representing a new standard for international commerce.

Bitcoin; CBDC; Monetary Theory; Cryptocurrency