There have been constant rumors over the past decade about money being taken out of society. This has led to dystopian fears, but on the other hand, proponents argue that life would be more practical. Cash has always been a part of our daily lives, until now with banknotes coming from gold deposit receipts. It has always been an important tool for the medium of exchange because it is accepted everywhere, by everyone. However, some countries have already declared that they want to become a cashless society and if so, cryptocurrency will take the place of cash. To help understand crypto better, we’ve written an article on tips and tricks every bitcoin investor should know
In many places around the world, especially in Asia, cash is being phased out in favor of digital payments. For example, in China, the popular WeChat platform allows users to connect their bank account and pay friends or merchants on the app. In the western world, there are new fintech apps such as Revolut, which do the same thing, but without government oversight. This “convenience” is very appealing to individuals, in addition to being able to track where all your money is going.
The concern with digital money as opposed to cash is government control. Cash – empowers people; allowing them to spend it wherever they want. While digital accounts can be frozen at the whim of a government official. Take the example of the trucker protests in Canada. Prime Minister Justin Trudeau now has emergency powers to freeze the bank accounts of anyone involved in the protest. Cash, on the other hand, is elusive, but it is localized, so its distribution is difficult and expensive.
As the world enters the digital age, all aspects of our lives are being digitized, with many governments rolling out censorship on things they disagree with. The most obvious example is the “Great Chinese Firewall”, but there are a lot of things banned online in a variety of different countries. Take specific movies or gambling, which are censored or banned in Thailand. Nevertheless, many table games such as blackjack are gaining in popularity as it is now possible to play on mobile. To help players, there are comparison sites that check all the best online gambling in Thailand and give advice on VPNs and the legality of gambling. Additionally, the platform scours the web for the most generous welcome bonuses and provides comprehensive reviews on each operator. In the digital age, everything is accessible at the push of a button, putting freedom in the hands of the individual.
If cash is phased out, some cryptocurrencies will take their place, especially for purchases that individuals are not allowed to make by the state. Anonymity with certain coins like Monero can be a criminal’s dream, but also protect the general public when shopping. With truckers protesting, many abandoned crowdfunding platforms in favor of Bitcoin and Ethereum. This development is crucial for the future of digital currency.
A system in which there is no centralized point of control is vital for freedom. If all money is digital, people’s accounts can theoretically be frozen or seized at any time. The crypto proves that it protects the individual against this. Today, the West is still a free society where freedom is enshrined in many constitutions, but that may not always be the case.
The place at the forefront of Sweden’s ‘cashless society’ revolution. One of the most developed countries in the world, the Scandinavian nation hopes to be cashless by 2023. But many are having trouble and have said Sweden’s cashless society is no longer a utopia. With the advent of the electronic crown issued by the central bank, cash is rapidly becoming obsolete and money is stored on a card or mobile device. This level of control that banks, as well as governments, have could theoretically be used against the people. This is why cryptography is so vital to freedom in Sweden and around the world. Ultimately, it gives users a choice away from a monopoly and something that cannot be grabbed at will.