• dominicstx

Digital Currency: Is it Near?

Updated: Jan 11

Digital Currency is on the rise lately.


Communist China appears to be testing our their own:


https://www.wsj.com/video/what-chinas-new-digital-currency-tells-us-about-a-cashless-future/29F0FE51-2048-41DE-84D7-95040DFE93CE.html


The article above also tells us a lot about our future, and that there is a pretty good chance that currency could go digital in our lifetime.


This is scary, yet cool stuff.





Digital Currency would have many pros and cons.


A Few Pros:


Convenience sake: By every citizen using an online portal, the switch to DC (Digital Currency) would make things less complicated across the board. Also, the process and ease with which government financial policy could be carried out to the American public would quicken. Case in point is the predicament with the Coronavirus and stimulus checks. Read the article… an enticing argument:


https://www.forbes.com/sites/rogerhuang/2020/06/23/switching-to-digital-currency-for-stimulus-cheques-would-save-billions/?sh=6e3f7454c728

Coronavirus relief argument:


No one stealing your money: All digital means no more people pickpocketing cash. No losing your cash, either. Heck, someday the idea of the wallet may be a thing of the past.


Sidenote: Digital currency is different than Crypto currency, namely Bitcoin. While digital is centralized by a bank and directed by a country, Crypto is not. Speaking of Bitcoin, What a run it is on. I don’t know a ton about even the workings of Bitcoin, but that is some of the only positive news out there these days. Perhaps it would behoove us all to buy some. In fact, I may in the near future.


A Few Cons:


Hackers: I’ve written many articles already on the dangers of cyber security. Regardless of how secure anything looks, tech is a completely unpredicatable ballgame. There is always risk involved. Would we really want to go totallty digital? Then again, the argument can be made that nearly all of our banking info is and has been online for quite some time.


Government Control: Digital Banking means complete government control over our doings at any given time. The government will also be able to implement and change various taxes with ease. We won’t be able to get away with anything in private because cash will seize to exist.


Homeless people: Actually, though. How will they survive? Homeless people aren’t just going to go away. There could be a real problem here. How would they even pay for food?


Cold hard cash in your hand: There isn’t anything quite like the feeling.

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