Was ist das, und wie funktioniert es?

Oft verwechselt

• Bank money

  A balance held at a commercial bank; legally a claim against the bank, not the same thing as cash.

  Central bank money

  Cash and the reserves that banks hold at the central bank; the only money that is not a claim against a private institution.

  Der Unterschied: Bank money is a claim against a commercial bank. Central bank money (cash and reserves) is a claim against the central bank, not against a private institution.

• CBDC

  Central bank digital currency: a digital form of central bank money for the public, such as the planned digital euro.

  Stablecoin

  A crypto asset designed to hold a stable value against a reference such as the US dollar or the euro.

  Der Unterschied: A CBDC is a liability of the central bank. A stablecoin is issued by a private issuer and backed by that issuer's reserve.

• Coin

  The native asset of its own blockchain, such as BTC on Bitcoin.

  Token

  A digital asset issued on an existing blockchain, such as an ERC-20 token on Ethereum.

  Der Unterschied: A coin is native to its own blockchain. A token is issued on an existing blockchain, usually by a smart contract.

• Custodial wallet

  A wallet in which a provider holds the keys on the user's behalf; the user holds a claim, not the keys.

  Non-custodial / self-custody

  Custody in which the user controls the keys directly, without an intermediary.

  Der Unterschied: In a custodial wallet the provider holds the keys and the user holds a claim against the provider. In self-custody the user holds the keys directly.