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Currency's Future Is Digital

Currency's Future Is Digital
"""Would it be better if we didn't have paper money and coins? Some say yes, some say no, and the debate continues. Government tax collectors prefer electronic or digital money because it is easier to control and keeps taxpayers honest, but are the benefits worth the drawbacks? What's wrong with cash? You can spend it anywhere, pay your babysitter, go to a garage sale, or stop at a lemonade stand - all of which are by definition part of our underground economy and harmless methods of transferring money.

Then there are the illegal things; no one uses digital money because it leaves a trace, so you can't use it to buy things you're not supposed to buy or sell things you're not supposed to sell. Does it thus make sense to eliminate the money that enables illegal transactions, effectively shutting down the entire underground economy, and if so, will our society and civilization be better or worse off as a result? Let's talk about it, shall we?

Yes, a digital currency would be similar to regular currency, and we are already almost there. As the famous axiom goes, if we go to """"digital units"""" and change the paradigm to cover the needs of people who contribute but are not fairly rewarded now, we will get more of what we reward. A technocrat would enjoy this conversation and the idea of micro-managing the exact worth of every job, but technocrats aren't so good at considering the unforeseen consequences they've created as they pave the road to hell.

Humans use money because things and choices are more complicated now than they were when our species was only hunters, gatherers, and traders. Let me explain; if I make hammers and you need one, but you only have cattle, you cannot cut off your cow's tail to buy my hammer, so instead you give me $11 and you can sell your cow in the future for $1100 and give me 1% of the proceeds so you can build a new barn.

Money and currency are nothing more than units of trade, which is why they exist, but I dislike the bashing of currency, digital or otherwise, where many believe it is the source of all evil. I respectfully disagree with you. Please think about all of this because this topic affects your life."""

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"Currency's Future Is Digital" was written by Mark under the Finance category. It has been read 92 times and generated 0 comments. The article was created on and updated on 13 January 2023.
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