CBDCs or Central Bank Digital Currencies are something we may need to consider inevitable. China is already expanding its own CBDC into more regions and we should expect that all transactions inside China will soon be performed with the use of the digital Yuan.
CBDCs give absolute control of the financial life of an economy to the government in charge. Since every financial transaction will be monitored even private banks share concerns about CBDCs.
China executes a certain financial model that is based on communist governance with experimental capitalism. However, everything is subject to government intervention, and we witnessed this year’s events with Jack Ma (CEO of Alibaba) with his sudden disappearance.
China is perhaps the best example of how CBDCs are a danger to any society or economy. A CBDC in its nature is not just a tool, but a dangerous weapon at the hands of governments. Surveillance and control of the wealth will be absolute and will only help the extremist elements inside governments take control of the financial life.
Governments keep growing bigger and capitalism today has turned into a corporate socialistic system where taxpayers have to cover with their wealth for the mistakes of failed corporations and excessive government spending.
Small businesses operate under different rules from those “too big to fail”.
A CBDC will reinforce inequality in the business world. Those businesses having tied their operations to the “big” governments are always favored and promoted.
For the population, the adoption of a CBDC means there is no control of the funds. With CBDCs governments will be able in an instant to seize accounts, block transactions, and at a macro-level instantly regulate money circulation levels.
Giving absolute control of the financial system to just a handful of people running a government is a subject that should concern everyone.
CBDCs are Political Correct - Governments Against Non-Custodial decentralized finance
Source: Twitter
Digital cash, digital money or digital currency. When someone wants to avoid using the word cryptocurrency, the word digital currency is used.
Of course, this term includes anything that can be used as money and also includes internet banking, PayPal, Google cards, any digital wallet, etc. (Investopedia).
Cryptocurrencies are often described with such a term to avoid the use of the word "crypto", which while it exhibits the term cryptography, in its clear translation from its Greek origins it means (as a verb), to hide, to cover. Although the word is used in various ways, it usually means something is covered or hidden from plain sight.
Cryptography is a science using advanced mathematics for the encryption and decryption of data. The word cryptocurrency is a combination or short for "cryptographic currencies" because of the various cryptographic methods they may use to operate.
The term "Cryptocurrency" is a misunderstood one. It is often linked with speculation, crime, dark web markets, and illegal transactions. "Crypto" is money that governments can't afford to run free, but would prefer to put under a regulatory mandate instead.
For governments, cryptocurrencies are a risk to the financial establishment. Everything is better under the control of a vastly centralized network, with funds being susceptible to censorship and civil forfeiture.
Money means freedom and every single person in the world works hard and intelligently to create better-living terms for them and the people they love.
It is the one and ultimate goal that leads to prosperity and better living conditions. Still, we don't own our money, and the system was always rigged.
Maybe, after having all this in mind, it becomes understood why certain individuals are supporting CBDCs and how well connected they are with Central banks and governments.
Bitcoin Cash is Economic Freedom
Economic freedom is about much more than a business environment in which entrepreneurship and prosperity can flourish. With its far-reaching impacts on various aspects of human development, economic freedom empowers people, unleashes powerful forces of choice and opportunity, nourishes other liberties, and improves the overall quality of life.
Source: "The 12 economic freedoms: Policies for Lasting Progress and Prosperity" (link)
Bitcoin since its creation took various meanings and narratives. All those early in Bitcoin, found in it a reflection of their ideology.
Left and right wing activists, libertarians, journalists, political dissidents, were all given an opportunity with Bitcoin. It became the voice of people and we have such people today, those early enough into Bitcoin, that have now more power and their voice is heard.
The part of Bitcoin that proceeded with small block size, thought that any changes to the code was a threat to their priviledge.
See, we can't skip the first 8 years of Bitcoin and just think Bitcoin Cash started in 2017. The genesis block of the Bitcoin Cash blockchain is the one created by Satoshi.
The history of Bitcoin Cash is shared with BTC until that moment, BCH was not excluded from the chain, it proceeded with materializing changes that would lead Bitcoin to achieve mass adoption, without 3rd parties as scaling solutions.
The BTC side was claiming LN would be a booster for Bitcoin, however, many years later, LN is found to work well only under centralized custodial services.
At times of network congestion, LN is equally useless as the BTC blockchain.
With this approach, BTC has become just a toy for the elite. It is only traded in exchanges and in Wall Street futures markets, but nobody is using it.
El Salvador will be a fiasco. There will not be any adoption since this is not the will of the population of this country to change their financial spendings. Forcing to change into a new monetary policy can't work.
In Conclusion
To be fair, this is not just Bitcoin Cash alone in this. Many cryptocurrencies are offering a similar solution to Bitcoin Cash, however, it is only a handful of projects that proceed with materializing the message of economic (or financial) freedom.
Besides Bitcoin Cash, Monero, and ZCash as some of the most important alternatives. A cryptocurrency should have certain criteria as a decentralized financial network, with no individual or financial hub in control.
Bitcoin Cash offers a decentralized network out of the reach of private organizations and governments. This is how Bitcoin works, but the major disadvantage of BTC is the inability to scale. Bitcoin Cash doesn’t have this weakness.
It operates as decentralized cash and the fixed supply of 21 million BCH creates a store of value characteristic which is based on utility of the coin not on price speculation.
Bitcoin Cash is hard money and it empowers individual ownership.
Originally published at Read.Cash
Writing on the following networks:
Noise Cash - Read Cash - Hive - Medium - Vocal - Minds - Steemit - Den.Social - Publish0x
Follow me on social media:
Don't forget to Subscribe/follow if you enjoyed the content!