Solution To The Dying Cash System

There is no denying that the cash system is becoming expendable. In the next two decades, cash might be illegal. And the invention of the computer takes the blame.The revolution started years ago. The same government that can’t resist peeking into our lives will make the idea a reality.

The Benefit Of Centralized Currency

In places like India, it started in 2016 when Prime Minister Narenda Modi banned most of India’s currency in order to cut back on corruption and get people to pay taxes.

Although the objective backtracked, the movement to the cashless society didn’t. The migration process must happen by its own terms.

Here’s an example of where it has succeeded;

If you are from Hong Kong or have been there, you must be familiar with the Octopus cards. How they work is very simple; you load up cash at a small grocery store and you are good to go. At the terminals, you only need to touch the card and you have already paid.

You will be humbled to learn that the card began as a metro card where you would tap and get on and off the city. Soon, the norm spread and was shared out. Now, it’s accepted in stores everywhere as an alternative to cash and credit cards. And that’s how the cashless society begins.

More societies will soon adapt to the cashless system in the coming years and soon, centralized digital money will be the norm. It’s not a bad thing, so to say.It makes life easier, I mean, you don’t have to carry a bunch of papers and metal coins. It makes payments convenient. But there is a dark side of to the story.

The Other Side Of Centralized Digital Money

Remember how they sold the internet concept as an efficient and convenient way of getting information? Then you later came to realize its business model face of surveillance. Today,thanks to the internet, they know where you are going, your shopping patterns, your demographics, occupation and much more. Centralization will know even more.

Governments will have all your information regarding your spending habits. They won’t even have to wait for you to file returns at the end of the year, you will be paying them round the clock, after every transaction.

Did we mention that the government will be in control as well? Imagine your card not going through at dinner or in a store. The government or a fraud algorithm, goes off and freezes your assets whenever situations call for it. And you haven’t dealt with hackers yet.

Is There Hope?

Only decentralized and privacy coins can bring back balance.They the properties of a cash system with the benefit of being anonymous and decentralized.

,Unlike the card system, nobody knows how you spend your cash since records remain anonymous. You may be thinking ‘but I’ve got nothing to hide’. It’s a classic defense for people who know little of what privacy really is.

And it’s not about being a criminal. But there is a reason we have passwords to our email. We don’t want our private lives used for profits. And that’s why we must trust the decentralized currency system.