Will crypto be enough to keep the world running? Today, it’s easy to understand that one of the reasons the government has so much power is because it basically controls everything. They control the land we live on, the banks, and also the money that gets into circulation. Nothing you have is ever truly yours, regardless of how much you paid for it.
You can spend millions building a house, but the government can decide that they want to put a secondary school there and they’ll simply take it from you. They have that power. That is why it’s even written into law that even though you “buy” land, the reality is that you’re only renting it from the government. And after 99 years, you’d have to renew it. Uhhuh… it’s that serious.
Then, for banks, it’s not all so different. It’s even worse as a matter of fact because just as they control the economy, they also control and monitor everything that enters your account. You can wake up one morning and it would turn out that your account has been frozen and you’re locked out of it. In the same way, it also monitors you, everywhere you are and where you spend your money. Now that we’re embracing the digital era and people are running more transfers than before, every single transaction you make pinpoints where you are at the time. Another method of tracking you.
But then, will crypto be able to run the world? Honestly, I really don’t see how this would happen. Despite the flaws, governments do need their taxes. That’s how they build roads, schools, and other infrastructure. For some, especially civil servants, they don’t really have to bother about it because the tax is automatically deducted from their salary upon payment. And for organized private organizations as well, it’s all paid automatically.
However, for SMEs and the like, they have to do it themselves. Many choose not to pay, simply because the government has not given them enough reason to see that as a viable thing to do. But with the power that they have, the government can look into all your financials, know how much you’re making, and know when you’re defaulting on your taxes.
With crypto, that will be harder to track down. They’ll see the money in your wallet, and without a memo, they won’t know what the hell it’s for. Did you make that money by delivering a service? Did you sell something? Or did you simply invest in it? Governments have zero control over crypto. As in, people can be billionaires in crypto and choose to have only 100k in their bank accounts. And there is nothing the government would be able to do to touch that money. That’s why many of them are banning it. They want something that they can control.
Can crypto take over from fiat? Absolutely. We’re already doing something like that. Most of my transactions these days are done by transfers, I rarely carry cash around except for transport. Having to pay with crypto would be awesome. It would get rid of these laws around currency. Like, imagine being able to convert HBD to USDT all on my phone, so I can purchase anything I want. However, to convert my naira to dollar or vice versa would take longer and it would cost me a lot!
The only problem I see with this is the fact that taxes will be affected and many people will go to prison because then the government will come down hard on anyone who refuses to pay. Seeing just how transparent the blockchain is, we’d easily know how much you’re making and how much you should pay as taxes. It’ll also expose those scammers, people who come into unexplainable wealth. Because then, even a five-year-old would be able to follow the trail.
A world run by crypto is very much possible, but it requires the government to relinquish the control they have over the finances of the nation. Once they’re ready to accept that, then it’s all good and fine. If not, until that happy moment, they would continue doing everything in their power to fight it. But crypto is here to stay. It ain’t going nowhere.
